Government wants SEBI to seek governance report from firms seeking to re enlist
08 Jan 2007
The centre has suggested to SEBI that it seek a special corporate governance report from companies wanting to re-list on the stock exchange through a fresh public issue. The ministry's remarks pertain to the controversy related to realty DLF'S ongoing dispute with its minority shareholders.
The ministry of company affairs has said such a report should include among other things grievances of shareholders and how the company addressed those complaints. The ministry has said SEBI should ask for a special corporate governance report from the company seeking disclosure of the action taken by it regarding its redressal of the grievances of its minority shareholders.
The ministry has said that SEBI should consider this as a mandatory requirement for all companies that had opted to delist and have now come back with a fresh proposal for listing and issuing shares to the public.
The
ministry also said that though DLF had made an offer for
rights debenture issue in December 2005 when it was unlisted,
and shortly before filing a prospectus with SEBI.
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