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Supreme Court asks SVPCL to refund IPO money

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Supreme Court (SC) rejected SVPCL’s appeal and urged them to refund the money to the investors.

The SVPCL IPO was open from October 22, 2007 to October 26, 2007 and subscribed 1.09 times (retail 2.2419 times). Company filed for listing at BSE on 17th January 2008 but BSE rejected the application as Post issue Merchant Bankers (UTI Securities Limited) didn’t provided an undertaking as required. Company moved to Andhra Pradesh High Court and then Supreme Court but lost the both the cases. Since Oct 2007 thousands of investor’s money got stuck due to these legal problems.

Today once SC rejected SVPCL’s appeal, it’s now clear that SVPCL has to refund the money back to its IPO investors soon. SVPCL Ltd officials were unable to comment of this.

Courtesy: greymarket.co.in

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  1. Hi,

    Once again after crash Nifty has started going up. Now we suggest all rises should be used as an opportunity to exit old long positions.
    This bull run will continue for few more days. Overall market is in bearish mood as in medium term its just a small rally due to short covering
    and result season.

    Happy Trading,


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