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KM Birla didn't disclose offer to sell his stake to govt, Voda Idea shareholder complains to SEBI
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SME Times News Bureau | 14 Sep, 2021
A shareholder of Vodafone Idea, Satya Prakash Sinha, has complained to
SEBI that on June 7, when Kumar Mangalam Birla, the Chairman of Vodafone
Idea Limited, offered his stake to the government of India or any
company approved by the government for free, the information was not
shared with the stock exchanges.
The matter came to light on
August 2 when it was reported by the media. The stock exchanges had
sought clarification from Vodafone Idea on August 4.
KM Birla
resigned as the Chairman of Vodafone Idea on August 4, after stock
exchanges sought the clarification, the complaint said.
The
stock exchanges again asked for clarification on August 5. Vodafone Idea
responded on August 5 that the matter relates to the promoters and the
company is not aware of the same.
Sinha said the share price of
the company, which stood at Rs 10.10 on June 7, dropped to Rs 6 on
August 4 -- over 40 per cent fall in just two months.
"Not
sharing this price-sensitive information by the chairman and the company
with the stock exchanges in compliance with the listing agreement has
caused great loss to retail shareholders like me," Sinha said in his
complaint.
Birla had written to Rajiv Gauba, Cabinet Secretary,
government of India, offering his stake in the company to the government
or any government/Indian company. At that time, Vodafone Idea share
price was at Rs 10.10.
"It is submitted that the company (which
includes its chairman) being a listed entity has not made the
appropriate and necessary disclosure of the aforesaid events and/or
information despite the same being a material information/event, within
the prescribed time of 24 hours from the occurrence of the aforesaid
events on June 7 and continues to be in default as on the date of making
of this complaint," the shareholder said.
"In the above
background, it is prayed that the Securities and Exchange Board of India
initiates appropriate proceedings against the company, its directors
and its key management personal under the Securities and Exchange Board
of India Act, 1992 read with rules and regulations notified thereunder
and also direct strict action to be taken by the stock exchanges on the
delinquent actions of the company (which includes its chairman), as
explained above," Sinha added.
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Customs Exchange Rates |
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US Dollar
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As on 13 Aug, 2022 |
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