Orders of SEBI regarding Vaswani Industries IPO’s Matter

FOR IMMEDIATE RELEASE
NOIDA, U.P, India, Republic of (Free-Press-Release.com) October 20, 2011 -- On July 11, 2011 SEBI has passed the orders regarding the matter of Initial Public Officer i.e. IPO of the Vaswani Industries. SEBI refers to the Security and Exchange Board of India which deals with the Indian share market. The following directions were included in the Order:

Ø Vaswani Industries Ltd. should provide an option of “withdrawal” to all their investors that have been given shares in non-institutional investors’ category as well as in the retail individual investors’ category. This withdrawal option must be kept open for the time of 10 days.

Ø All those investors who will apply for this withdrawal option must enclose Delivery Instruction Slip in order to transfer the shares as decided in revised share allocation. This same thing should be credited in a separate escrow demat account.

Ø While the procedure of withdrawal or refund of money is going on, the Company can deduct certain expenses which are incurred in the connection with Initial Public Officer, IPO. However, the maximum amount of expense which is deducted from the investor’s money should not exceed 1 percent of the total amount of the investor.

Ø On finishing of the withdrawal/refund option, if the level of subscription of these withdrawals falls under the minimum level of subscription which is required by the law, then, the BRLM i.e. Book Running Lead Managers, Ashika Capital Limited, can purchase or even arrange the purchase for the bse exchange in order to make sure that the subscription does not come under the minimum subscription level.

Disobedience or non-compliance to all such conditions will result in refunding all the subscription money back to the investors as well as cancellation of all sensex today which are allotted to the investor by the company.

Ø In the event of withdrawling, if the company fails to provide the withdrawal option to their investors in the given period of time, then BRLM can take necessary actions to make sure that allotted shares are cancelled as well as money is refunded back to the investors within the 7 days of this failure.

Ø It is a prohibition for the Rikhav Securities Limited to act as the syndicate member or sub-syndicate member for forthcoming problems till the further directions are given.

Ø Bajaj Consultants Private Limited as well as its group entities such as Bajaj Commodities Trading Private Limited, Mr. Vinodkumar Ramniwas Bajaj, Ramniwas Bajaj & Company, Mr. Rajkamal Ramniwas Bajaj, Bajco Consultants Private Limited, Bajaj Retail India Ventures Private Limited, Bajaj Consultants Private Limited, Vinodkumar Bajaj & Company HUF and Bajaj Shares as well as Stock Brokers Private Limited have been told to cease as well as desist from the bidding in any objectionable manner till the further directions are given.

One can avail the Mutual Funds as well as see the current market price of the shares using the Internet. Internet has provided all the options for the investors and thereby making their job easier.

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