I have several shares of Essar Steel, What can I do with them? Will they ever get relisted?
Will it ever get relisted? the company was delisted from the exchanges on December 24, 2007 and is heavily indebted. It owes the banks about Rs 44,000 crores. The RBI recently initiated bankruptcy proceedings against the company along with 12 other companies at the National Company Law Tribunal (NCLT).
The purpose of these proceedings is to revive the company and that involves selling off the assets of the company to pay off the liabilities, sometimes even it highly discounted prices.
Now technically you can still hold the shares if you are willing to bet that the company will come out this bad phase but otherwise you can contact the registrar and transfer agents to tender your shares. You can find the details of the RTA here.