Vaswani Industries Ltd IPO Message Board (Page 9)

Dear 418. sh
I guess, in that case no expanses will be forced to the investor and they get their full money back.

Can someone clarify:
If finally Vaswani fails to subscribe at min level even after all its efforts, will those who have already withdrawn in the first 10 days get back their withdrawal expense?

We retail investors should all be UNITED and withdraw our applications.
If we not opt for withdrawal then SEBI will loose the trust from the retail investor and they never take such actions in future.

I will definitely cancel all my applications.

I feel we all investors should come forward and take a common and united decision to withdraw our applications from this issue. As it is from what has happened so far we cannot trust this company and cannot be very sure about how well the company will fare on listing day. So it is better that we withdraw our applications.

Dear All Investor, First of all i wish to congratulate all for having the option to withdraw the shares alloted....

Al the same time i wish to bring your kind attention that so many of our friends are worried about the:
1. Withdrawal exp. deduction,
2. Time limit of refund amount,
3. etc, etc........

Before doing that please refer to following SEBI website link in regard to this IPO http://www.sebi.gov.in/Index.jsp?contentDisp=SubSection&sec_id=25&sub_sec_id=25

Pls read the point which is very important to all investor if they wish to save the withdrawl expense:

1. The maximum expense so deducted from any investor in exercise of the withdrawal option shall not exceed 1% of the amount invested by any investor.

2. On closure of the withdrawal option, if the subscription level after such withdrawals falls below the minimum level of subscription as required by law, the BRLM, Ashika Capital Limited, may purchase or arrange purchase through any investor(s) identified by it of such number of shares so as to ensure that the subscription does not fall below the minimum level of subscription.

Non-compliance of such condition shall result in refund of entire subscription money to the investors and cancellation of all the shares so allotted by the Company.


NOTE PLS:
PLS PAY ATTENTION THAT IF THEY CANT ACHIEVE THE MINIMUM SUBSCRIPION LEVEL, THEN ENTIRE AMOUNT WILL BE REFUNDED TO THE INVESTORS & CANCELLATION OF ALL SHARES ALLOTED BY CO.

IN THAT SITUATION ALL THE ISSUE EXP WILL BE BORNE BY THE COMPANY & THERE HAND SHAKING OPERATORS....

SO LET ALL UNITE & WITHDRAW SHARE ALLOTED IN FULL AND TEACH THIS FRAUD COMPANY LESSON, OPERATORS ASHIKA CAPITAL LTD, OTHERS.....

PLS REFER MY PREVIOUS MSG REGARDING THIS IPO, IN WHICH I WARNED NOT TO INVEST IN THIS IPO.

Thnks & Regards

Always ready helping hands to dear investors & public

Thanks for the support of this group with the issue of Vaswani Industries especilly Sreedhar sir.

Hitesh bhai U r the first person who know abt braking news in vaswani ind ipo on chittorgarh.

Still below points are unanswerable if anybody knows please share.

1. What about interest?
2. How many shares we can withdraw as we cannot withdrawal the full alloted shares?
3. What expenses we have to bear and on which amount.
4. Time duration for offer of withdrawal i.e. in how much time company can issue withdrawal letter.

Its a shame that SEBI expects investors to pay for withdrawing from the IPO...SEBI HandInGlove with Promoters?

"In the event of refund/withdrawal on the exercise of the withdrawal option by an investor, the Company may deduct the expenses incurred in connection with its IPO."

can anybody help how to withdraw application

The third point that "In the event of refund/withdrawal..... the company may deduct the expenses incurred in connections with its IPO" is worrying. Why should an investor lose when the fault is not his?

Anna Hazare had victory against corrupt govt. Here all of us have victory against cheating operators.
Congrats to all of you (especially to some who had 10 appln's)!

Hail SEBI. Thank you so much to all concerned at SEBI. Thanks a lot to all the boarders at Chittorgarh for the support in raising a complaint against Vaswani and sharing the burden of the suffering caused. I and many other small investors suffered a lot because of this delay but it was necessary - this complaint against Vaswani, the investigation that followed and the order issued by SEBI. It is necessary that we stand up against any kind of fraud or else we will be taken for granted and every small company with a zero background and a poor rating will come up with carp issues and dupe the small investor. This order against Vaswani should stand as a lesson for all other companies and their operators and lead managers wanting to come up with crap IPO's and cheat the small investor.
Now we have to take a informed decision about whether to stay invested or withdraw our investment from the issue. Hope things will get clear in the next day or two and we will take the right decision.

CONGRATULATIONS TO ALL . BIG VICTORY TO RETAIL INVESTORS. ALL THANKS TO UNITY & HONEST SEBI MEMBERS LIKE MR ABRAHAM N MR SAHOO OF SEBI.

THANK YOU SIR.

whether we should withdraw our bid.in case of massive withrdrawl,stock may react positively as operator may rig the price to teach a lesson to ivestor as an act of revenge.it is my assumption only

I HARTLEY CONGRATULATE TO ALL INVESTORS FOR BE UNITED AGAINST OPERATOR .
WE ARE MOST THANK FULL TO RESPECTED OFFICERS OF SEBI.
THIS IS A GOOD LESSON BY SEBI IN HISTORY OF IPO THAT SEBI HAS FINALLY PUNISH TO OPERATORS RESPONSIBLE FOR DOING IRREGULARITY AND DIRTY GAME WITH RETAIL INVESTOR.
ONES AGAIN THANKFULLY CONGRATULATION TO THE ENTIRE SEBI OFFICE.

Thats a great news for small investors who got caught in such a company. I hope people will think many times before they go ahead with such crap IPOs in future.

As of now, enjoy the victory and save the hard earned money.

Gane.

PR No.107/2011
Order in the matter of Initial Public Offer of Vaswani Industries Ltd.



Whole Time Member, SEBI, has passed an Order dated July 11, 2011 in the matter of IPO of Vaswani Industries Ltd. The Order, inter-alia, includes the following directions:-



i. Vaswani Industries Limited shall give withdrawal option to all the investors who have been allotted shares in the non-institutional investors’ category and the retail individual investors’ category for such number of shares by which the allotment ratio was impacted due to withdrawals/rejections in the aforesaid categories. The withdrawal option shall be kept open for a period of ten days.


ii. Investors who apply in the withdrawal option shall enclose a Delivery Instruction Slip for the purposes of transferring such number of shares as may be decided in the revised share allocation and the same shall be credited to a separate escrow demat account.


iii. In the event of refund/withdrawal on the exercise of the withdrawal option by an investor, the Company may deduct the expenses incurred in connection with its IPO, to be certified by the merchant banker and the same shall be appropriately apportioned from the subscription amounts due to the investors. However, the maximum expense so deducted from any investor in exercise of the withdrawal option shall not exceed 1% of the amount invested by any investor.


iv. On closure of the withdrawal option, if the subscription level after such withdrawals falls below the minimum level of subscription as required by law, the BRLM, Ashika Capital Limited, may purchase or arrange purchase through any investor(s) identified by it of such number of shares so as to ensure that the subscription does not fall below the minimum level of subscription. Non-compliance of such condition shall result in refund of entire subscription money to the investors and cancellation of all the shares so allotted by the Company.


v. In the event of the Company failing to provide withdrawal option within the given time frame, the BRLM shall take necessary steps to ensure that allotment of shares is cancelled and money is refunded to investors within seven days of such failure.


vi. Rikhav Securities Limited is prohibited to act as a syndicate member/sub-syndicate member for all forthcoming issues till further directions.


vii. Bajaj Consultants Private Limited and its group entities, namely, Bajaj Commodities Trading Private Limited, Bajaj Share and Stock Brokers Private Limited, Vinodkumar Bajaj & Company HUF, Bajaj Consultants Private Limited, Bajaj Retail India Ventures Private Limited, Bajco Consultants Private Limited, Mr. Rajkamal Ramniwas Bajaj, Ramniwas Bajaj & Company and Mr. Vinodkumar Ramniwas Bajaj are directed to cease and desist from bidding in an objectionable manner till further directions.


viii. The ongoing investigation shall inter alia examine in detail the role of the intermediaries involved in the Initial Public Offer of Vaswani Industries Limited.


The above directions are in continuation of the earlier Order dated May 26, 2011 in the matter.



The full text of the order is available on the website: www.sebi.gov.in





Mumbai

July 11, 2011

great news

vaswani gave withdraw option

http://www.sebi.gov.in/Index.jsp?contentDisp=WhatsNew

BREAKING NEWS
SEBI" ORDER -GIVE WITHDRWAL OPTION FOR RETAIL INVESTERS