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VSEL may miss Sebi deadline on voluntary closure

Jul 07 2014, 01:55 IST
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SummaryThe Vadodara Stock Exchange (VSEL) is unlikely to meet the Sebi's voluntary closure deadline of Monday, according to a top official.

The Vadodara Stock Exchange (VSEL) is unlikely to meet the Sebi's voluntary closure deadline of Monday, according to a top official.

"It will be difficult for us to meet this deadline as it will be difficult to obtain signatures of several investors and shareholders before Monday evening as they are not in the city. A meeting of the board of directors of VSEL is also convened here on July 11 to discuss the development," VSEL president Sushil Samdani told PTI over phone on Sunday.

The Sebi's directive had come against the backdrop of failure of two EGMs held by VSEL on May 26 and July 13 respectively, to secure the nod of shareholders on the closure.

When contacted, VSEL MD Someshwara Rao said that he will submit his report after the expiry of tomorrow's deadline as per the Sebi directive.

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