BSE rejects listing application for 59,63,636 equity shares; company says no financial impact
BSE rejected the listing application for 59,63,636 equity shares allotted in 2018 to Rare Asset Reconstruction.
By ScoutQuest · · 2 min read
- Equity shares rejected for listing
- 59,63,636 equity shares
- Allotment date
- 02.05.2018
- Shareholder ratification date
- 17th May, 2025
The company disclosed on 13th October, 2026 that BSE has rejected its listing application for 59,63,636 equity shares.
What the update sets out
- The 59,63,636 equity shares were allotted to Rare Asset Reconstruction Pvt. Ltd. (now known as Rare Asset Reconstruction Limited) on 02.05.2018, under Section 9(1)(g) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
- BSE's stated reason for rejecting the listing application is that, in BSE's view, the company had to take prior approval from its shareholders for the allotment of the shares to Rare Asset Reconstruction Pvt. Ltd.
- The company shared an appeal before the Securities Appellate Tribunal (SAT); that appeal was also rejected.
- The company then shared an appeal with the Supreme Court of India, which was dismissed.
- After the dismissal, the necessary Special Resolution was passed by the shareholders on 17th May, 2025 through postal ballot, ratifying the allotment made on 2nd May, 2018.
- The company states it once again shared a fresh application for listing of the shares with BSE on 31/05/2026. The listing application was rejected by BSE on 12th October, 2026.
What the company says about the impact
- There are no financial implications on the company.
- The company is taking appropriate steps/actions against the order before the appropriate authority and other necessary actions as required.
- Quantum of claims, if any, is stated as NA.
How a reader can look at this
The application that would have brought these 59,63,636 equity shares onto BSE has been rejected, and the company's appeals on this matter before SAT and the Supreme Court were dismissed. The company had earlier sought to address BSE's stated ground by getting shareholder ratification for the 2018 allotment through a postal ballot Special Resolution. The update records that the company intends to pursue the matter before the appropriate authority, so the position on the listing of these shares remains subject to further steps by the company.
More numbers
- Equity shares allotted to Rare Asset Reconstruction (listing application rejected)59,63,636 Equity Shares
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