Tuesday, October 1, 2013

[aaykarbhavan] Re: [CS_yahoogroups) interesting case pertaining to issue of secured redeemable NCDs on private placement basis



Dear All,
               Let me take you to all of you. This is a case of Debenture Issue N C D with detachable warrants of Rs 400 Crores more of Jindal Iron and Steel Co Limited , now JSW Steel Limited . In fact the funds were to be used for implementation of Cold steel rolling plant. But the Company invested in the Subsidiary Company Names Sun Investment Limited 100% Subsidiary of Jindal Steel Iron Co Limited and through it invested in Jindal Vijaynagar Steel Limited shares and personal finance Companies. !!!!! Did not get back the same money from these Companies for years together. Sun Investment silently demeged from JISCO privately and took out the Promoter themselves. This is a long story of Fraud by Sajjan Jindal ... They take more money from I C I C I Limited ( Now I C I C I Bank Limited ) for the same project and as Debenture Trustee relieved from Debenture Trustee first and then Financed the same project, Double finance!!!!
                     Now coming to the other fact the debenture were , those who do not paid installment due of debentures Rs 1 Crore money paid by Debenture holders were forfeited by Company and eaten a way the money by Company !!! In fact the Detachable warrant were to be converted @ Rs 400 Premium per share ( Approximately) I forgot it , bu the market price of shares were at that time Rs 40/ only !!! Even Promoters did not opt for the conversion of warrants @ 400/!!!
                       The money of repayment of Debenture redemption repayment second
installment with collusion with Vijaya Bank Capital Market Branch , P D Mellow Road, Mumbai
 much late , as many as 5 months and 10 days of the date of cheque , that the money was paid late and no action so far by SEBI or any body!!!!! Even Reserve Bank if also Silent on Vijaya Bank mod us operandi , which contravenes to Reserve Bank of India Rules and Regulations of Banking operations, Banking License as granted by Reserve Bank !!!!
Shortly I will be filing a PIL against the Vijaya Bank . Next Month
C A Shah D J
USA

From: Ramachandran V <vrassociates.pcs@gmail.com>
To: company_secretary <company_secretary@yahoogroups.com>
Sent: Tuesday, 1 October 2013 8:21 AM
Subject: [CS_yahoogroups) interesting case pertaining to issue of secured redeemable NCDs on private placement basis

 




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