Binani Metals Limited is a Listed entity ( Calcutta Stock Exchange );
Very recently 48 Lakh shares of Binani Industries were transferred out of the Company at the rate of 89 Paise Per share via an entity called Dharmik Commondeal P Limited
( Shares of asset laden Binani Zinc were also taken out @ Book Value ).
This is grossly Unfair to shareholders of Binani Metals Limited.
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After Dharmik Commondeal acquired shares of Binani Industries from Binani Metal , Dharmik was amalgamated with Triton Trading ( Promoters` Holding Co ) which now holds 45 : 55 % shares in Binani Industries.
http://www.moneycontrol.com/livefeed_pdf/Sep2014/binaniindustriesltd_tritontrading_01_05092014.PDF
http://www.moneycontrol.com/bse/shareholding/shp_promoters.php?sc_dispid=BI10
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( Earlier the Company had made a Reverse Split ( Consolidation ) of Rs. 100 Face Value to Rs. 1000 . No other Listed Entity in India has a Face Value of Rs. 1000. For every 10 shares of Rs. 100 one share of Rs. 1000 was allotted .Resulting fractions were compulsorily sold at a very very low rate. )
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http://economictimes.indiatimes.com/personal-finance/savings-centre/analysis/small-equity-investor-how-to-safeguard-your-interests/articleshow/21742266.cms?curpg=3
Well its foolish to think that such companies will adhere to corp governance. Our corporate legislation does not really provide for effective corporate governance in the global standards.
ReplyDeleteYou cant create wealth by investing in companies where level of governance is zero.
ReplyDeleteLeadership, performance, products/services, innovation, workplace, governance and citizenship are required to build wealth. Almost all the companies which have consistently generated wealth for investor, are ones where governance level is high.
This blog is good for traders while for others it is just a ground of creating false dreams.
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