Vanishing Companies
Summary
SEBI defines a vanishing company as one that has failed to comply with listing or ROC requirements for two years, lacks correspondence, and has no office at its registered address. Investors are instructed to submit complaints regarding such companies using prescribed formats to the Vanishing Companies Section of SEBI's Primary Market Department. The document also provides jurisdictional details for SEBI offices handling these specific complaints versus general investor grievances.
Text
Companies which have not complied with listing requirements/ filing requirements of Stock Exchange/ROC respectively for a period of 2 years; No correspondence has been received by the exchange from the company for a long time; No office of the company is located at the mentioned registered office address at the time of Stock Exchange inspection.
non trading of the shares of the company on the stock exchanges may not be considered as a reason for suspecting a company as a vanishing company as trading is a market phenomenon.
investors may ensure that their correspondences are made to the current address/ changed address of the company after obtaining the same from the respective ROCs and Stock Exchanges.
The Investor Associations/ Investors are advised to submit their complaints about the companies prima facie falling under the category of vanishing companies in the prescribed format to Vanishing Companies Section of Primary Market Department of SEBI at Head Offices or the respective Regional Offices of SEBI.
general investors’ complaints other than complaints about vanishing companies such as non receipt of refund, non receipt of dividend, non receipt of share certificates, bonds & debentures and for non receipt of miscellaneous reports, shall continue to be made to SEBI Investors Grievance and Guidance Division at Head Office or respective Regional Office.
Source: SecMarx — Vanishing Companies. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.