01 February 2022
The bank has filed for its proposed IPO in which incoming shareholders will not be able to approve accounts, vote on declaration of dividend, hold the management and board accountable through their vote or take any decision, because the company is unable to hold an AGM without a court sign-off, it pointed out in a note.
IiAS said according to the DRHP, the bank does not have the ability to convene a shareholder meeting without the consent of the Madras High Court. “This, as the draft document states, limits (the bank’s) ability to obtain approval of (its) shareholders in a timely manner, or at all. This is the first risk factor.” it said. The bank has been unable to hold an AGM either in 2020 or in 2021 and was not in a position to have the appointment of four of its directors regularised, obtain shareholder approval for amending its articles of association or its last two years accounts approved, owing to litigations arising out of share-transfer disputes
Institutional Investor Advisory Services (IiAS), a proxy firm that provides voting recommendations on shareholder resolutions of listed companies, has come down heavily on the proposed IPO of private sector lender Tamilnad Mercantile Bank (TMB), asking Sebi that the IPO should be permitted only after legal tangles are resolved.
Pre IPO
Studds | ₹760 580.0 (-43%) |
Polymatech Electronics | ₹80 330.0 (-80%) |
Indo Farm | ₹1,000 0.0 (0%) |
Hero FinCorp | ₹1,950 820.0 (73%) |
Agilus Diagnostics | ₹681 0.1 (0%) |
Matrix Gas & | ₹845 5.0 (-1%) |
Ather Energy | ₹78,008 29082.0 (59%) |
NSDL | ₹1,010 475.0 (89%) |
Pristine Logistics & | ₹169 0.0 (0%) |
Manjushree Technopack | ₹1,035 195.0 (-16%) |
Upcoming IPO
Devi Seafoods | ₹1,586 0.0 (0%) |
HDB Financial Services | ₹1,230 255.0 (26%) |
Adroit Industries | ₹40 0.0 (0%) |
Sandhya Marines | ₹829 0.0 (0%) |
Penver Products | ₹107 0.0 (0%) |
Apollo Green Energy | ₹370 30.0 (-8%) |
JK Files & | ₹220 0.0 (0%) |
Jesons Industries | ₹373 0.0 (0%) |
ZIRCON TECHNOLOGIES (INDIA) | ₹115 0.0 (0%) |
Nekkanti Sea Foods | ₹168 0.0 (0%) |
Unicorn
Ola Cabs | ₹22,800 165.0 (1%) |
OPEN FINANCIAL | ₹18,99,033 0.0 (0%) |
Cred | ₹1,45,846 145799.8 (315584%) |
Fractal Analytics Pvt. | ₹3,235 0.2 (0%) |
Dream11 | ₹5,88,766 0.0 (0%) |
Tata 1mg | ₹1,03,047 0.0 (0%) |
Groww | ₹2,308 1548.0 (204%) |
Paytm mall | ₹16,033 0.0 (0%) |
Zenoti | ₹23,59,350 2359325.8 (9757344%) |
RazorPay | ₹14,768 393012.0 (-96%) |
Planify Capital Limited
MiQB, Plot 23, Sector 18, Maruti Industrial Development Area, Opposite VLCC corporate office, Gurugram, Haryana 122015
Registration No.
Mutual Fund License No.:
IRDA Code (1):
IRDA Code (2):
Startup India Certificate No.:
Name of the Fund:
SEBI Registration No.:
Name of Fund Manager:
Company
Team
About Us
Prime Subscription
Channel Partner
Contact Us
Careers
Sitemap
Pre-IPO
Media
Offers
ⓒ 2016-2025 Planify. All rights reserved, Built with
in India