The Appellate Authority for Industrial & Financial Reconstruction (AAIFR) has put Dunlop India Ltd out of its as well as the Board for Industrial & Financial Reconstruction’s (BIFR) purview since the net worth of the company has turned positive.
The AAIFR, upholding a BIFR order, dismissed the appeals filed by the Securities & Exchange Board of India (Sebi) and the Bombay Stock Exchange (BSE), challenging the validity of the company’s rights issue and listing and trading of its shares in different stock exchanges, according to a Dunlop India release.
On March 16, last year, Sebi and BSE had filed appeals to the AAIFR challenging the BIFR order that allowed a Rs 27 crore rights issue. The order granted exemption to DIL in terms of complying various requirements under the Sebi regulations as well as directed five stock exchanges, including BSE, to lift suspension of trading.
The BIFR order also directed NSDL and CSDL to allot international stock identification number for the company’s entire share to be traded from the five stock exchanges.
DIL now plans to take up the issue of dematerialisation and listing of its shares immediately with relevant authorities, an official stated.
