Such news are made. But there is no such any action. Take the case of Jindal Iron and Steel Co Limited( Now JSW Steel Limited). Non convertible bods with detachable warrants were issued in 1994 to Shareholders. The conversion price was kept as high as Rs500/ per share. Even Promoter refrained from accepting the conversion and subsequently they issued preferential shares allotment at less price? The money of NCD with warrants were used to finance some companies . They are bad now and in JSW South West Holding Limited and some shares of Jindal Vijaynagar , preferential allotted to Sun Investments Limited 100 % Subsiidiary of JISCO Limited (Now JSW Steel Limited). Many complaints made to SEBI , M C A . No action for 20 years. You all know how our corrupted , not tpo take any action amounts to corruption , departments.? Rs 1,00,00,000 of small investors had been forfeited by Company ??? No action???
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