Kahan Packaging Limited IPO Message Board (Page 2)

I too received allotment mail. 0 lots alloted. Out of 7 retail application..

looks like it will come tomorrow only...

Even if allotment is out, probability of allotment is 1/1000 ~ 0.001 which is fairly small. Thus, have no expectation.

Dear @SOAM  What is the reason for rejection? Is it due to 3rd party application?

​@IPOGainers Bro, I never use 3rd party stuffs. I have called the customer care, mailed to the support team and also visited the branch as well. They’re looking into the issue and will reply in a couple of days. This is the first incident in last couple of years with RBL Bank ASBA.

​Dear @SOAM, Did you got to know what is the reason behind your 6 HNI applications rejection? I can understand that sometime 1 applications get rejected due to some bank monitoring issues but all 6 got rejected, there should be some strong reasons behind it.

​@SOAM Please share the reason of rejection once you receive it from the bank.

Thanks in advance

​@Basuvr @Jai Jai Pratap Guys, they are just playing e-mail games as of now. No genuine reasons so far. Whatsoever, I figure it out as the bank failed to upload the applications in exchange in due time. As a retail/hni client, our time is up to 3pm and banks to apply. Bank has time till 4pm to upload it in exchange which they didn’t do in the stipulated time. That’s why, all the applications got rejected and the communication came on the next working day morning 9:59am. If they intimate rejection thing by 3pm/4pm, I could have applied in retail from Zerodha app by 4:29pm or hni upto 5 lakhs by 3:59pm. These small bank staffs are so incompetent and have lack of knowledge regarding market/ASBA services. Let’s see how long they’ll take to respond with genuine reply.

If Bank failed to upload application within time, the they should compensate it based on allotment chances and listing price

​@Basuvr Exactly. That's what I have written in my mail.

​@SOAM, Yes @Basuvr is absolutely right, if it was Bank faults then they should compensate you based on number of application (category wise) and chances of allotment in that category and the opening price of the share.

Please pursue your case with all your might. Hope you will get your compensation.

​@Basuvr @Jai Jai Pratap A first step towards victory of mail war. RBL bank accepted the reason of all HNI applications cancellation is their technical failure of ASBA on last day of this IPO. I have asked them to compensate towards IPO funding, listing towards 90% premium. Let’s see how much they agreed upon to pay and what’s the laws as per SEBI, RBI & RBL bank. Do you guys have any idea. If so, kindly share your views as per law or from any similar past incident.

​@SOAM, I never experienced such a situation so I am not sure of the procedure, but I am 100% sure that some one from Chitorgarh forum (a reupdated member) have encountered this issue and he fought with his bank and they provided him compensation. I will try to find out that member or that page link and let you know. In the meantime you can ask our senior members and they will surely help you.

@SOAM , I also received the same message for my hni application from RBL bank. Got the response that this has happened due to technical failure in ASBA at their end.

Raise complaint with sebi and concerned bank. I have got compensation recently in CFF Fluid ipo case. My application was forwarded to registrar without amount blocking confirmation

​@SOAM, I tried to find the old post regarding compensation but not able to find them but @CG addict sir comes as good surprise here, you can ask him the procedure about raising complaint at Bank and SEBI level and I hope you will get your eligible compensation.

​@IPOGainers @Basuvr @Jai Jai Pratap @mAhmed @CG addict 

Guys, today I have received compensation towards technical failure for Kahan SME Ipo. Even though amount is very less and don't know how they have calculated, but at least got something. Moreover, it's a SME IPO & allotment is quite tough over here. Hence, closing the case now. Thank you guys for all your support and keep we can take a note of this incident for future instances, if any.

​@SOAM Sir, Glad to know that you will got the compensation. I am not sure but the compensation is based on how many time the issue was subscribed in your Lot size in HNI category (and if BOA do not show the lot size details then overall subscription in the HNI category) and chances of allotment in that category. Then that ratio will be multiplied by the lot size and issue open price to come at final compensation.

So for example KAHAN was subscribed 405 times in HNI and 1045 times in retail but as retail was subscribed more than HNI then some HNI portion shifted to retail and as per BOA HNI was subscribed 719 times.

So if you have 6 lots then you have 6/719 chances of allotment which comes to less then 1% so now this 1% will be multiplied by the open price minus the allotted price in to lot size.

So it's (1/100) * ((152 - 80) * 1600) = Rs. 1152.

Hope this clarifies things wrt to Compensation.

​@Jai Jai Pratap amazing sir. quite possible.