I know the company has been involved in many frauds. However i want to get the opinion of the experts of the board on the recent announcement of delisting. After delisting price went up for a few days but after that it has crashed so much that it doesnt make any sense. There is only question that needs to be answered for making this investment and I hope to get the answer. After the board approved the buyback can they go back for whatever reason? The market seems to believe that is no delisting which going to happen, if it happens the stock should be able to give multibagger type of returns given where it has been. I know earlier companies used to do buyback annoucements of buybacks which never happened, but now sebi fixed that.
Winsome Diamonds and Jewellery Ltd has now informed BSE that the Board of Directors of the Company at its meeting held on May 30, 2014, have passed a resolution for delisting of its Equity shares from National Stock Exchange of India Limited in accordance with Regulation 6 of SEBI (Delisting of Equity Shares) Regulations, 2009 and accordingly the Company have filed application for Delisting of Equity Shares under the said regulation.