August 09, 2018

Macrofil Investments Consoldation Move- Has it Been Withdrawn ?? -Please Check

It appears ( WHICH PLEASE RECHECK ) that the Consolidation of face value of One share    from Rs. 10 to Rs. 5000 may have been withdrawn.

 Please read Serial No. 36 of the following Cause List dt 21/06/18 of NCLT , Mumbai.

 https://nclt.gov.in/sites/default/files/Upload-Cause-List/Cause%20List%20DB-I%2021.06.2018.pdf

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 OLD POSTS



February 10, 2018

Macrofil Investments NAV Rs.10700 per Rs. 10 paid Share

For 2017 market value of major holdings of Macrofil Investments ,

please click

https://trendlyne.com/portfolio/superstar-shareholders/custom/Q3-2017/?query=macrofil%20investments%20limited

Paid up Capital is Rs. 44 Lakh ( Rs. 10 paid up shares )
This works out to be Rs. 10,700 per share of Rs 10.

The Company wishes to compulsorily acquire shares from the Public / Non Promoter shareholders around Rs.3400 per share of Rs. 10. .

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October 03, 2017


Macrofil Invest- Share Consolidation to Rs.5000. To Kick Our Small Investors

new post



==October 08, 2017


Macrofil Investments - Fair Valuation Rs.10,000/- Demanded by Shareholders



Present day market value of Macrofil Investments major holdings

https://trendlyne.com/portfolio/superstar-shareholders/custom/?query=macrofil%20investments%20limited

For 2017 market value of major holdings of Macrofil Investments ,

please click

https://trendlyne.com/portfolio/superstar-shareholders/custom/Q3-2017/?query=macrofil%20investments%20limited

This works out to be Rs. 10,700 per share of Rs 10.

The Company wishes to compulsoroly acquire shares from the Public / Non Promoter shareholders around Rs.3400 per share of Rs. 10. . 
Please study this notice 

file:///C:/Documents%20and%20Settings/admin/My%20Documents/Downloads/EGM%20NoticeMacrofil%20(2).pdf .

f.
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Public shareholders want a price of Rs. 10,000 ( for Rs. 10 paid up share ) as the market value of shares National Peroxide ( one third equity is with Macrofil Investments ) more than tripled in the last one year.


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old / original post

Macrofil Investments has chosen the cheap trick of consolidating the face value of its share from Rs. 10 to Rs. 5000 to kick out loyal Non Promoter shareholders at a fraction of Intrinsic NAV.


Macrofil Investments claimed that at an EGM dt 18 /07/17 such a Resolution was passed.

We ( shareholders ) never received this EGM Notice. 

Macrofil Investments is an Asset Laden Company holding Promoters shares of National Peroxide.


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Consolidation of Face Value to a Higher Denomination SHOULD NOT BE ALLOWED UNDER ANY CIRCUMSTANCE.


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Shareholders of Macrofil Investments / Investor Community should oppose tooth and nail such anti small shareholder tactics.by 


1 ) writing to Macrofil Investments at

 NEVILLE HOUSE J NHEREDIA MARG BALLARD ESTATE MUMBAI MH 400001 IN

2 ) Filing Objections with National Company Law Tribunal ( NCLT ) Mumbai Bench where this Petition by Macrofil is pending 
Address: 6th Floor, Fountain Telecom, Building 1, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra 400001
Phone: 022 2261 1456

please send emails

for email address , please click

http://nclt.gov.in/contact_us.html

3 )
 writing to ( as this is an Unlisted Company )

Ministry of Corporate Affairs,
'A' Wing, Shastri Bhawan, Rajendra Prasad Road, New Delhi, Delhi 110001


Shareholders should , also ,demand listing of Macrofil Investments in NSE / BSE

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Investors Use Section 245 Against Microfil Investment Share Consolidation


Till date, the most powerful tool in the hands of minority shareholders has been bringing a suit for oppression and 

mismanagement, said Suhail Nathani, managing partner, Economic Law Practice. "Under the 2013 Companies Act, 

Section 245, over 100 shareholders can also file a class action suit but its application and enforcement is still nascent," 
he said. 
Read more at:


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Recently Digvijay Finlease made a proposal of consolidating the face value of its share from Rs. 10 to Rs. 1000. Those holding fractions i.e. holding 1 to 99 shares were to be compulsorily paid Rs. 200 per Rs. 10 share. The intrinsic NAV of one share of Digvijay Finlease ( Rs. 10 paid up ) had been worked out by some to be Rs.40,000 .


After shareholders raised the matter with the Company. Ministry of Corporate Affairs , New Delhi and NCLT , Digvijay was forced to withdraw this Anti Small Shareholder step .


http://www.rareindianshares.info/2017/09/digvijay-finlease-withdraws-share.html 


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old post

March 29, 2017


Wadias- Macrofil Investments- National Peroxide

Nusli Wadia , Promoter of Bombay Dyeing / Britannia Group is further increasing his stake in National Peroxide Limited by buying out fellow Promoter , MNC Solvay's 25% stake.

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Macrofil Investments Limited is an Investment holding company of Wadias .Macrofil Investments holds shares of National Peroxide , Bomcay Dyeing etc.Macrofil Investments has Non Promoter / Public Shareholders. Macrofil is Unlisted.

Macrofil Investors are demanding Value Unlocking/ Fair Returns

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new post

October 04, 2017


Macrofil Case Latest- Govt Must Ban All Share Consolidations to Higher Denominations


Consolidation of Face Value to a Higher Denomination SHOULD NOT BE ALLOWED UNDER ANY CIRCUMSTANCE.

March 22, 2017


Share Face Value Consolidation to Higher Value should be Banned



This Cheap / Anti Small Holder Tactic was earlier used by

Binani Metals

http://www.rareindianshares.info/2011/01/binani-metals-limited-why-face-value.html

http://www.rareindianshares.info/2009/06/binani-metals-limited.html

Recently , by Rasoi Limited

http://www.rareindianshares.info/search?q=rasoi

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Now , by Digvijay Finlease ( Unlisted )

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Latest Case : Macrofil Investments Limited ( Unlisted )

Macrofil Investments is Asset Laden on a Small Share Capital of Rs. 44 Lakh .

Macrofil Investments holds , inter alia , around 33 % of Blue Chip Nusli Wadia Group Company- National Peroxide Ltd.

Share Value of National Peroxide has Tripled in the last One Year
.
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Copy of Letter sent ( Speed Post ) to Macrofil Investments ( Tel 022-2207-0700 ) 

Dear Sirs ,

   Sub : Consolidation of Face Value to Rs. 5000 - Our Objection

1 ) We are shareholders , for the past many years , of Macrofil Investments.


2 ) From the 34 th Annual Report ( which was despatched very late by you ) received by Courier on 03/10 / 2017 , we learnt  of a NCLT petition for consolidation of Face Value to Rs. 5000 from the current Rs. 10


3 ) This move is a clever ploy by the Promoters ( Wadias ) to Compulsorily  eject Non Promoter Public shareholders at a Throwaway Price   because there has been in the recent past a sharp upward movement in the Share rates of , inter alia ,National Peroxide and Bombay Dyeing , these being the sizable investment of Macrofil Investments ,


3 ) Split to a Lower Face Value is acceptable and Permissible but not to a higher Denomination , especially if the whole exercise is being conducted with the Hidden Agenda of throwing out Loyal Non Promoter shareholders at a fraction of the intrinsic ( NAV ) of the share of Macrofil Investments.


4 ) Further . the whole exercise is illegal and not Maintainable because :-


a) The AGM Notice for the 34 th AGM was received by us on 03/10/2017 ( Couriers- Professional Couriers -Receipt No. KUR- 514641444 ) .The AGM was held earlier on 28/09/2017. This is contrary to the provisions of The Companies Act 2013 which mandates receipt by shareholders 21 days prior to the Meeting.  


b ) No Notice of the alleged EGM dt.18/07/17 was ever received by us .


So , please withdraw this Consolidation exercise.

With regards ,

=======================
old posts

September 1

4, 2016


Macrofil Investments - Shareholders Demand Fair Value Payment / Listing

In recent days , shares of Nusli Wadia / Bombay Dyeing group have jumped.

Shareholders of Promoters' Holding Company , Macrofil Industries Limited ( Unlisted ) are demanding Payment of Fair Value or Listing in BSE / NSE.

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OLD POST

June 18, 2009


Macrofil Investments Limited

Macrofil Investments Limited ( Registered Office : 9 , Wallace Street , Mumbai-1 ) is the promoters ' holding company of Nusli Wadia group ( i.e. Bombay Dyeing group ).

Macrofil Investments Ltd. was incorporated by Bombay Dyeing. The investments of Bombay Dyeing were transferred to this company. The shareholders of Bomaby Dyeing were offered subscription of shares of this company. Very few applied. Most of new shares were allotted to promoters of Bombay Dyeing.

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June 18, 2009


Macrofil Investments Limited

Macrofil Investments Limited ( Registered Office : 9 , Wallace Street , Mumbai-1 ) is the promoters ' holding company of Nusli Wadia group ( i.e. Bombay Dyeing group ).

Macrofil Investments Ltd. was incorporated by Bombay Dyeing. The investments of Bombay Dyeing were transferred to this company. The shareholders of Bomaby Dyeing were offered subscription of shares of this company. Very few applied. Most of new shares were allotted to promoters of Bombay Dyeing.

Macrofil Investments Limited holds , at cost price, a large holding of other group companies mainly National Peroxide Ltd. The market worth of the holdings is many times the book value .The company had offered Buy Backs and further reduced the share capital.

Financials : as on 31-03-2010

Share Capital : Rs.44 Lakh ( Face value per share Rs. 10 )
Reserves : Rs. 5 cr 5 lakh
Net Profit : Rs. 1 cr 83 lakh
Dividend : 120 %

Further , the market value of quoted  shares is Rs.52 cr.55 lakh against Book Value Rs. 5 cr 21 lakh

Thus the share has Tremendous Hidden Worth.

Status : Unlisted and Illiquid

This makes the share ideal for investment by Collector - Investor class


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Please , also , click :-

http://www.rareindianshares.info/2010/12/asset-laden-investment-companies.html

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Macrofil Investments ,Digvijay Finlease , NBI Industrial Finance and other Unlisted Promoters' Holding Companies should follow the examples of

1 ) Max India Promoters are paying a fair price of Rs.94 for every share ( Re. 1 paid up ) of their Unlisted Holding Company - Cheminvest Limited.

http://www.rareindianshares.info/2016/06/unlisted-max-india-promoter-companies.html

2 ) Reliance Industries Promoters gave 1 share of Reliance Industries for every 1 share of their Unlisted Holding Company - Farm Enterprises Limited ( earlier  Reliance Enterprises ) 

http://www.rareindianshares.info/2015/12/farm-enterprises-shareholders-get-new.html

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HUM MEHNAT KASH ISS DUNIYA SE
JAB APNA HISSA MANGEY GEY
IK BAGH NAHI; IKK KHET NAHIN
HUM SAARI DUNIYA MANGEY GEY


( Josh Malihabadi )
-----------------

General Warning : Investment in Shares Can be Injurious to Your  WEALTH 

Caution :The blog writer has personal/ family members' holdings in this company , so please make suitable "provisions " for likely over optimism

( NB : All information given in good faith. Please recheck all facts. No responsibility taken by this author / blog 

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2 comments:

Unknown said...

Hi Ashwani,

I am a shareholder in Macrofil Investments.

I forwarded the below article to Economic Times and was talking to one reporter (Sanam Mirchandani). However, as per discussions, she mentioned that they would publish only if there are multiple shareholders being affected vs just me. I did tell her there are many more minority shareholders but I havent been able to gather them together. Do you have access to more shareholders of the Company?

Email of Sanam Mirchandani (sanam.mirchandani@timesgroup.com ).

Below is the article I sent.

Strong-Arming of Minor Shareholders By Wadia Group
Hi,
I write to you as a grieving shareholder of Macrofil Investments Limited (the Holding Company of Wadia Group of Companies – unlisted company). This Company is one of the rare Indian Companies to hold and it’s a top notch holding company of Wadia group and it has layers of assets and holdings (National Peroxide, Bombay Dyeing Mills). I have been a shareholder of the Company since 30+ years. The Promoters of the company hold 89.19% (Attachment Pg. 1) of the Company, thus enabling them to pass any resolution as they please (since they hold more than 75% shares).
The Company has 4,42,948 issued share equity shares (Attachment Pg. 2) and one of its valued investments is its holding of 19,18,109 shares in National Peroxide Limited (listed company with a share price of Rs. 4074 each (as of 11th Jan 2019) – Attachment Pg. 3. Even if we are to ignore all other assets and cash flows, this places the value of each share of Macrofil Investments at Rs 17,642 each (1918109 shares /442948 shares*Rs 4074).
In its 2018 annual report, the Company proposes to Consolidate its 4,99,000 equity shares (authorized share capital) of Rs 10 each to 1,000 equity shares of Rs 5,000 each, a ratio of 500:1 (Attachment Pg. 4). This would eliminate all shareholders which hold less than 500 shares as they would be concluded to hold fractional shares in the company; hence they would be paid off at the fair valuation as deemed fit by the management which could be any value as they deem fit or as able to justify to the courts. As per the Company’s ongoing case with the NCLT, the price at which the shareholders would be paid off would be Rs 3,400.
This is a clear tactic of eliminating all shareholders holding less than 500 shares from benefiting from the real valuation of the shares ensuring that the benefit only flows to the majority shareholders, ie, the Promoters in this case.
The loss of valuation to the small shareholders would approximately be Rs. 14,250 per share and the total loss to the small shareholders would be ~Rs 60 crores based on the below calculation (after considering valuation from only National Peroxide).

No. of shares % Holding
Total shares O/S 442,948 100.00%
Promoter Holding 395,076 89.19%
Public Shareholding 47,872 10.81%
Public Shareholders with 500+ shares 5,156 1.16%
Balance Public Shareholders Impacted 42,716 9.64%

Loss of valuation per share 14,250

Total Loss Rs 60,87,03,000


I would leave it upto you to determine if this quality as dishonesty, theft or duping long term investors. I would love for stakeholders to know the quality of management by the Wadia Group and understand that given the opportunity, they would not leave a chance to take advantage of small investors or even cut corners. Proud owners of luxurious apartments in Bombay Reality should beware of this management as well.
Please feel free to reach out in case of any questions. I will be more than happy to share the 2018 annual report of the company with you. I am attaching scans of some of the relevant pages for your reference.
In case you feel someone else could be more relevant for something like this, please let me know. I will forward this email to them.
Look forward and hope this is something you can bring out in the open for public to see.
Best regards,
Viraj Parekh

January 18, 2019
Ashwani Kumar Aggarwal said...

Thanks Viraj ,

We have sent an email to Sanam Ma'am supporting your contentions

Copy of Email

We fully support Viraj Parekh 's Letter / Email to you regarding the compulsory extinguishment,. by Management of Macrofil Investments 's Non Promoter shareholders , including my self..

Macrofil holds one third of National Peroxide 's ( Listed ) equity. In the last one year share of National Peroxide has gone up by 4 times.

The rate Rs. 3400 for every Rs. 10 share is arbitrary and a mere fraction of true worth. We wrote to the Company for providing us with a Copy of Valuers' Report Also, talked to Mr. Datanwala ( Director ) but Report not sent.

Consolidation of Face Value from Rs. 10 to Rs. 5000 to oust small share holders is a cheap / devious method unbecoming of the Wadia group

There are many other affected shareholders of Macrofil with us.

Please highlight our case.

January 18, 2019

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