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Chamber not for wide powers to SEs on company closure

Our Bureau

NEW DELHI, Nov.11

THE Associated Chambers of Commerce and Industry (Assocham) has cautioned against conferring sweeping powers to stock exchanges for winding up of a company based on complaints by investors.

Instead, the chamber has suggested strengthening of the grievance redressal mechanism at stock exchanges to examine genuine complaints while considering delisting of shares. In a note to SEBI, the Chairman of the Assocham's Company Law Committee, Mr G. Balakrishnan, has expressed concern over the recommendation of the delisting committee that the Department of Company Affairs (DCA) may be requested to amend the Companies Act for allowing the exchanges to make an application for winding up of the company.

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