Tags:
Journalism of Courage
MUMBAI, June 14: The Bombay Stock Exchange (BSE) has decided to suspend trading in the equity shares of Vatsa Corporation for a period of three days starting from Monday.
The BSE suspension has come in wake of the company’s failure to resolve about 631 investors complaints in spite of repeated reminders from the exchange.
In reply to the show cause notice issued for suspension of admission to dealings in the securities of the company by the BSE, Vatsa Corporation (letter dated June 6), has threatened the exchange, that they will file a law suit and claim damages of Rs 1,500 crore if the shares were suspended.
"We would also like to inform you that, such harrassment are unique to only BSE and we do not have such experiences either in NSE or at SEBI," stated the company’s letter.
The company’s chairman Pradeep M Vakil was asked to appear before the BSE’s governing board on June 10, which he failed to do so.
Karvy Consultants has also severed a notice to the company to break off the ties on the basis of non payment of dues to the tune of Rs 10 lakh in addition to the postage costs incurred, non co-operation in serious company related matters and also for providing misleading information to the registrar on issues relating to that of bonus share certificates.
The Rs 10 Vatsa share is currently traded at a price of Rs 1.05 on the BSE.
