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Dunlop to go ahead with listing norms
Special Correspondent
KOLKATA: Dismissing the appeals filed by the Securities and Exchange Board of India and the Bombay Stock Exchange against the validity of the rights issue of Dunlop India and listing and trading of its shares in different stock exchanges, the Appellate Authority for Industrial and Financial Reconstruction on Wednesday, in its final order, observed that since the net worth of the company had turned positive, “the BIFR as well as the AAIFR ceases to have any jurisdiction in respect of the respondent company (Dunlop India Ltd).”
It had also directed NSDL and CSDL to allot the International Stocks Identification Number (ISIN) for the company’s entire shares so that they could be traded in the dematerialised form. With this final order, Dunlop India now plans to take up the issue of dematerialisation and listing of its shares immediately with relevant authorities.
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