• Share quantity reduced without invested money balance or payout

Dear Sir, 

I want suggestion on monnetispat corporate action. I had invested 12 lakh rupees but after corporate action "capital reduction and consolidation without payout "I lost 9 lakh. 

Please suggest me.

Regards 
Ramesh
Asked 4 years ago in Business Law

3 answers received in 10 minutes.

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9 Answers

Statedetailed facts of your case

2) your query is not clear

3) did you purchase shares of Rs 12 lakhs ?

4) was capital reduction sanctioned by SEBI ?

Ajay Sethi
Advocate, Mumbai
87911 Answers
6207 Consultations

5.0 on 5.0

What does monnetispat mean?

Regards

Anilesh Tewari
Advocate, New Delhi
17940 Answers
377 Consultations

5.0 on 5.0

Dear Sir, kindly note that before proceeding to take any recourse to the court proceedings you should file a complaint with SEBI regarding your share reduction. http://scores.gov.in

Above is the link for the complaint to SEBI.

Mayank Sapre
Advocate, New Delhi
256 Answers

5.0 on 5.0

Hi,

You need to ask explanation from company and if you are not satisfied with explanation or the explanation is not provided by the company, you may sue for deceiving action.

Ganesh Singh
Advocate, New Delhi
6646 Answers
16 Consultations

4.5 on 5.0

Dear,

You have only one remedy that is complaint to SEBI regarding your share reduction.

Tarun Agarwal
Advocate, Jaipur
769 Answers
3 Consultations

4.9 on 5.0

issue a legal notice through lawyer and file a case in district consumer forum.

Mohammed Mujeeb
Advocate, Hyderabad
19031 Answers
32 Consultations

4.5 on 5.0

Dear Client,

Reduction of capital was approved by the National Company Law Tribunal, Mumbai bench, File appeal in NCL Appellant Tribunal.

Yogendra Singh Rajawat
Advocate, Jaipur
21481 Answers
31 Consultations

4.4 on 5.0

In the board meeting on 02.11.2015, it was resolved that:

Monnet Ispat & Energy Ltd has informed BSE that the Board of Directors, in its meeting to be held on November 02, 2015, proposes to consider the matter of raising equity through conversion of loan into equity shares to lenders under Strategic Debt Restructuring (SDR) circular of RBI and to convert the unsecured loan brought in by promoters / non-promoters as per the decision of Joint Lenders Forum (JLF) of the Company through preferential route in terms of SEBI Guidelines and if approved, to pass enabling resolutions such as obtaining the approval of shareholders for increase of authorized capital, to convert loan into equity shares, formation of and authorization to Special Committee and such other allied matters.

The latest on it is :

With reference to our earlier intimation dated July 26, 2018 informing the exchange regarding approval of the resolution plan in relation to the corporate insolvency resolution process of the Company pursuant to the order of the Mumbai bench of the Honble National Company Law Tribunal dated July 24, 2018 (NCLT Order) (the resolution plan, as modified, amended and approved by the NCLT Order, the Resolution Plan) and in terms of Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), we would like to further apprise you that the Company has fixed August 30, 2018 (Thursday) as the Record Date (MIEL Record Date) for the purpose of corporate actions.

You may have to wait for the developments, it is share market risk, you cannot hold anyone responsible for this debacle.

T Kalaiselvan
Advocate, Vellore
78070 Answers
1543 Consultations

5.0 on 5.0

We can prevent such illegal claim.

Kishan Dutt Kalaskar
Advocate, Bangalore
6050 Answers
381 Consultations

4.8 on 5.0

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