Wednesday, August 20, 2008

SVPCL Ltd to refund the money raised through IPO - Supreme Court

Giving the break to one of the worst IPO processing's in current time; 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.

Click on the below link to find more detail about SVPCL Ltd IPO