Nuvoco Vistas Corporation Limited Stock Quotes & Charts

Complaint to SEBI about Waa Solar just has been closed.

Got this remarks from SEBI:

Dear Udit Raikwar, With reference to your compliant vide Registration no. SEBIE/MH18/0004646/1, Merchant Banker has provided following reply : - 1. Pledge of shares to IFC1, this thing has not been disclosed when filing for IPO or in the prospectus. MBReply. In Risk factor no 14 on page no 13 of prospectus, it was mention that IFCI had given NOC for the public Issue subject to pledge of (51 percentage) of total shareholding of the company. On page no 91 of the Prospectus under the heading Indebtedness it was mention that one of the primary security for the term loan was pledge of (51 percentage) of the paid up equity share and preference share capital of the borrower held by the promoter. On Page no 50-52 and on page no. 48, Point No. 5 of the Capital Structure of the company as stated in the prospectus, where it has been categorically stated that Our promoter has pledged 1,38,365 Equity Shares with IFCI Limited, being one of the terms of sanction of the loan. It was (51 percentage) of the total paid up capital of the company at the time of pledge of 1,38,365 Equity shares. 2. Some news their subsidiary has also been sold. MBReply. The company had already provided details regarding the development of sale of subsidiary company vide advertisement in all the newspapers in which the company had issued pre-issue advertisement. In fact the company had signed the term sheet and final share purchase Agreement was not executed on fulfilment of terms and conditions the final sale of subsidiary will be done. In view of Merchant Bankers reply your complaint is treated as closed. If you have any concern, you may file a fresh complaint.