Essar Steel De-Listing in Trouble !
Essar Steel De-Listing in Trouble !
Securities Appellate Tribunal (SAT) today stayed the delisting of Essar Steel on a complaint filed by an individual investor.
Essar Steel was to be suspended from trading effective tomorrow after completing the delisting process at the discovered price of Rs 48 per share.
The investor had claimed that the discovered price was too little going by the fact that the industry is going through a boom phase.
SAT will now hear the case on December 12.
Hi All,
It’s a great victory for us. We must congratulate ourselves and thank Shri Yatindrajit for changing the dynamics of the continued anti shareholder practices of Ruias.
This fight will be a landmark in the history of Indian stock market. It will send message that investor will always demand higher standards of accountability and not hesitate to litigate if they feel wronged.
We have seen how in case of DLF how 500 odd minority shareholders fought for the rights and were able to collect whopping Rs 1,300 crore from the company. The settlement is remarkable, because it is the highest price that any company has ever had to pay for such investor mistreatment. More than the money it’s the how those shareholders fought for their rights and were able to derive justice which is more important.
I wish ESSAR could take some lesson from that and not dodge the issue through fake appeals and endless litigation.
As shareholders, we don’t have to sit by and watch this mistreatment. I have mailed to SEBI, NSE and BSE but they have not bothered to send a reply. This is because they don’t have reply.
The stay on delisting is a great achievement for us. However we will not stop at that. We need to take on the Ruias with greater dynamism and commitment. The next hearing will come on 12th Dec. My intuition is that it going to take time and will test our patience.
We live in an era of shareholder democracy. However retail investors have typically not been activists where they used the voting power of their shares; through this apathy, they have ceded their power to management. We MUST change that.
I am getting mail enquiring about the status of the case which I will keep posted. I received some mail to join the Forum. However at this point of time I am not sure how the formal forum can form. We will need some more shareholders to take this forward. However I am planning to create a blog as medium of communication and internal exchange.
I am sure our voices will be heard well by teaming up and forming a coalition of like-minded investors and using collective clout to advance our reasoning and demands.
The plan of action is
1) To send BSE, NSE, SEBI and SAT as many complaints we can to stop the delisting process
2) Inform and encourage shareholder to participate in the this informal forum and take about initiatives
3) Ask investigating authority to examine who all have tendered these 4.85 crore shares in the delisting process at the price of 48
4) Create awareness about this in media
Please suggest any other idea you might have. Please email me your contact details at chinacat at rediff mail dot com
Best,
Manish
GOOD
Hi
I am a new invester in this fild and holding some shares from Essarsteel. As it got delisted I dont know what to do I dont want to surrender but filling risky to have the shares with me.
Hi… I tottaly agree with you… and me as well as some of my friends who are shareholders in Essar steel have decided to fight it out and get our just rights no matter how long it takes.. But the moot question is how do we form the forum collectively and how do we all come together in our fight for justice… If you or anyone reading this has any suggestions… kindly mail them to me… My ID is rajeev@infinityoverseas.com
i myself hold shares in essar steel ….hope something like DLF repeats…
Hi
I am a very old invester in this fild and holding some shares from Essarsteel. As it got delisted I dont know what to do I dont want to surrender but give some more or convert in sister concern of essar
hi i have bought some shares of essar steel.after delisting i dont know what to do.can i hold the share or surrender to the company.which is benifit?what is the procedure to surrender the shares?if anybody knows ,pls give ideas to me.
my mail id
jayapaul_rev@yahoo.com
Hi, i have some ESTL stock. I want to surrender this share (which are i holding) to company. or continue to hold, please anybody suggestion me.MY Mail Id:marstechmohan@yahoo.co.in