Scope for a trust to receive entitlement of shareholders

Co Act 2013 340 views 5 replies

Lalit HUF

Karta

39 Points Joined October 2011

Capital reduction by Farm Enterprises Ltd CIN:U01100MH1999PLC244851

I am in receipt of a communication from the Company stating :

# Capital reduction confirmed by Hon High court at Bombay vide order dated March 4, 2016 ;

# Eligible shareholders are entitle to 1 (one) share in RELIANCE INDUSTRIES LTD for every share in FEL.and

# Company had made a cumbersome procedure to carry out the Court Order by alloting all of 8,60,903 shares to Karvy Consultanta Ltd.

Shareholding pattern as on 31/12/2015 as per image :

Question is : If the Company has gone beyond the Court order to carry out the hand over of shares to rightful entities ?

Replies (5)

Curious

Owner

95 Points Joined August 2012

Book Value of Farm Enterprises shares is way beyond what is being offered. It is in fact the holding company of RIL.How can the promoter unilaterally 'Cancel' the shares of the public like this?

Lalit HUF

Karta

39 Points Joined October 2011

Twisting by the Black-Coats at the bidding of moneyed persons & aided by at dis-honourable Court of In-Justice !

Minority shareholders

They had a Court's order which is being Not honoured as per the spirit of order even.

Lalit HUF

Karta

39 Points Joined October 2011

Am yet to receive shares in BO #

Curious

Owner

95 Points Joined August 2012

This can easily rank among the biggest fraud in the share market in long long time. Governments change but corruption in the country is ever rising.

Dhirubhai had given all shareholders of Reliance Industries shares in original Reliance Enterprises Ltd free 1:10 as free "gift". There afters sons of "shark" by diverse way tried to grab all outstanding shares by way of buy back and otherwise.

Residual shareholders were forced to be out by the Court based dramas. Why not just comply with it straight away ? Why a transfer form being sent ?