26 Firms Knock At Sebi Door Over Listing Denial

The list includes Alps Data Products, AKS Credits, Bhandari Consultancy & Finance, Estel Agrotech, Estel Agrotech, Eider Telecom, Floral Aroma, Golden Tourist Resorts and Developers, Gowri Polymers, Grivs Hotels, GSPL India, Hare Shree Finance, Heruk Agro Foods, Kesar Greenfield International, Morinda Overseas Industries, Pashupati TechnoFab, Poonam Rasayan, Regency Spi-Tex, Shivam Granite, Shree Rubber Industries, Shreevatsa Finance & Leasing, SKS Securities, Surya Funcity, Toheal Pharmachem, Universal Credit, Volplast and Vrindavan Securities.

It was found in the above cases that issues had not received enthusiastic support from the public and in some cases a large part of the shares were with a few allottees.

 

Therefore, the markets regulator decided to give an opportunity to the investors to withdraw from the issue, if they desire to do so.

Accordingly, the designated appellate authority has directed the stock exchanges to give listing to the shares of these companies subject to the exit route being provided to all the original investors, in respect of both fully paid and partly paid shares in the form of buyback facility, incorporating the following terms:

* The entity offering the buyback facility will have suitable net worth to the satisfaction of the stock exchange.

* The buy-back scheme will remain open to all the original investors for three months from the date of listing in the stock exchange.

* There will be upper ceiling on the buyback quantum either per investor or in aggregate.