By Sandeep Gurumurthi, CNBC-TV18

The Ministry of Corporate Affairs has been asked by Sebi to look into a complaint filed against Shyam Telelink. Promoters of Shyam are being accused by a group of minority shareholders of deliberately scuttling Telelinks IPO plans post the companies demerger.

SEBI has written to the Ministry of Corporate Affairs on the listing of Shyam Telecom group company Shyam Telelink. The case dates back to May 2006 when Shyam Telecom's demerger scheme was approved by the HC of Rajasthan. As per the scheme Shyam Telelink was to be listed on both the BSE and NSE. A listing that is yet to be. Now minority shareholder Jindal Securities which holds 15 lakh shares has accused the company of waiving off the listing alleging malafide intent.

JSL in a letter to the market regulator alleges that Shyam Tele's promoters want to buy back remaining shares from minority shareholders at Rs 10. They claim this price does not factor in the true value of the company especially after it acquired telecom licenses in 22 circles and struck a deal with Russian telecom company Sistema.

JSL claims the true value should be at least Rs120 a share. JSL has also filed a petition against Shyam Tele in the Rajasthan HC.

SEBI has responded. In a letter dated 9th of May to the Ministry of corporate Affairs, the regulator says and I quote, "The proposed move by the company may amount to modification of the terms of the scheme framed under section 391-394 of the companies act and the concerned regional director may be the appropriate authority to intervene on behalf of minority shareholders."

"The proposed move by the company may amount to modification of the terms of the scheme framed under section 391-394 of the companies act and the concerned regional director may be the appropriate authority to intervene on behalf of minority shareholders."

When contacted by CNBC-TV 18 sources in Shyam Telecom say the company has dropped plans to list Shyam Telelink after the BSE turned down their listing plan for not complying with conditions. JSL claims, the company deliberately failed to comply with listing requirements. Shyam says they got approval from shareholders to modify the scheme of agreement at an AGM held on December 12 2007. 

Officials in the Ministry of Corporate Affairs were unavailable for comment.