| Dismissing appeals from the Securities and Exchange Board of India (Sebi) and the Bombay Stock Exchange against the rights issue of Dunlop India and listing and trading of its shares on various stock exchanges, the Appellate Authority for Industrial & Financial Reconstruction (AAIFR) in its final order gave a major relief to Dunlop today and observed that the net worth of the company has turned positive.
|
| |
| The company now intends to get its shares dematerialised and listed for trading on exchanges before going ahead with its fund-raising plans such as a rights issue subject to securing necessary compliances.
|
| |
| “The Board for Industrial and Financial Reconstruction (BIFR) as well as AAIFR ceases to have any jurisdiction in respect of the respondent company (Dunlop India),” AAIFR said in its ruling.
|
| |
| On March 16, 2007, the market regulator and BSE had filed appeals with AAIFR against an BIFR order allowing a Rs 27 crore rights issue by Dunlop India.
|
| |
| The March 2007 BIFR order also directed five stock exchanges, including BSE, to lift suspension of trading, and directed NSDL and CDSL to allot international stocks identification number (ISIN) for Dunlop shares so that they could be traded in a dematerialised form on those exchanges.
|
| |
| After the final order today, all pending matters relating to the issue have become irrelevant, said Dunlop sources.
|
| |
| Dunlop planned to take up the issue of dematerialisation and listing of its shares immediately with relevant authorities, company sources added.
|
| |
| Dunlop was acquired by Pawan Kumar Ruia from the M R Chhabria group in December 2005. The March 2007 BIFR order also directed five stock exchanges, including BSE, to lift suspension of trading, and directed NSDL and CDSL to allot international stocks identification number (ISIN) for Dunlop shares so that they could be traded in dematerialised form on those exchanges.
|
| |
| After the final order issued by AAIFR today, all pending matters relating to the issue has become irrelevant, said Dunlop sources.
|
| |
| Dunlop aimed to take up the issue of dematerialisation and listing of its shares immediately with relevant authorities, company sources added.
|
| |
| Dunlop was acquired by Pawan Kumar Ruia from the M R Chhabria group in December 2005. |
| |
Content Guide
