Shanti Guru Industries Ltd

📊 Shanti Guru Industries Seeks ₹5.79L Security Deposit Refund After Open Offer Completion

- M/s. Mahipal Sanghvi HUF, represented by Karta Mr. Mahipal Sanghvi, is an acquirer with 15 years of experience in retail and marketing.

- The net worth of Mahipal Sanghvi HUF as of March 20, 2017, is Rs. 80,33,864, certified by Chartered Accountant Mr. Sonal Jain.

- Mahipal Sanghvi HUF currently holds no shares in RCL Retail Limited and is not part of the promoter group.

- RCL Retail Limited, incorporated in 2010, is a public company listed on BSE SME Platform (Scrip Code: 534708) with a paid-up equity capital of 1,23,10,000 shares of Rs. 10 each.

- RCL's main business involves trading agro-based food products, FMCG, bakery items, and ready-to-eat foods.

- Financial highlights: Revenue increased from Rs. 980.82 lakh (2014) to Rs. 1100.66 lakh (9M 2016), with net profit of Rs. 33.27 lakh in 9M 2016.

- Open offer aims to acquire up to 32,00,600 equity shares (26% of equity) at Rs. 10 per share, totaling Rs. 3,20,06,000.

- Offer price justification includes negotiated price under SPA at Rs. 10, with NAV per share at Rs. 9.80 as of March 31, 2016.

- Financial arrangements include an escrow account with HDFC Bank holding Rs. 80,10,000 (25% of total offer consideration).

- Offer period: Opens on June 5, 2017, and closes on June 16, 2017, with settlement through stock exchange mechanism.

- Shanti Guru Industries Limited (formerly RCL Retail Limited) is requesting a refund of a 1% security deposit of Rs. 5,79,500 from BSE.

- The deposit was placed in connection with an open offer for acquisition of up to 32,00,600 equity shares (26% of total paid-up capital) of RCL Retail Limited.

- The acquirers were Mr. Shripal Sanghvi, Mrs. Sarika Sanghvi, M/s. Shripal Sanghvi HUF, and M/s. Mahipal Sanghvi HUF.

- The open offer period was from June 16, 2017, to June 30, 2017.

- The company has submitted necessary documents including No Objection Certificates from the Manager (Gretex Corporate Services Limited) and Registrar (Cameo Corporate Services Limited) to the offer.

- A statutory auditor certificate confirms no outstanding dues to intermediaries, and the company states all shares have been credited to the acquirers with none held in escrow.

- There are no investor complaints related to the open offer, and the company is listed only on BSE SME.

- The request follows SEBI's circular dated November 21, 2024, and a joint SOP for security deposit release.