Have a look at this linkhttp://www.india.com/news/india/ipl-the-rabbit-hole-runs-deep_7575 The author is aggressively forthright and blunt in putting across how he sees the IPL Mess and how it’s unfolding…a few may be conjectures at this stage…but quite plausible There are simply too many Strong Questions that remain unanswered or have unconvincingly been answered that has lead to this situation of Lalit Modi being Guilty until he’s able to prove his innocence ! I daresay that Lalit Mody is not the kingpin here…someone else is….the rot runs deep My recent Blogs on this IPL Controversy can be referred to below Twitter Shashi Tharoor gets a Taste of Twitter Lalit Modi ! April 13,2010 Modicracy and Tharoorgate !…do you really expect them to be sacked!?….Tharoor may merely resign…Modi will not! April 18,2010 If the Government has any Guts and a conscience it should supersede the BCCI itself…cleanse the system in a country where Cricket is a religion….but what if the rot runs all the way up itself ! A lot is being revealed and exposed or uncovered about the links of bollywood celebrities,ministers,industrialists,cricketers and their kin to the IPL….either through direct or indirect stakes in the franchises or IPL associated entities,particularly those holding Media rights or through kin being employed by IPL or those entities associated with it….All are crying out loud that everything is above board…..however they fail to realise the issue of Transperancy and Corporate Governance…They should have disclosed this IPL link at the outset itself in 2008 or whenever it was created
Just saw the mandatory detailed Q 3 Results of B.A.G Films and Media Ltd given by the Company in the Sunday Edition of Business Standard
It has earned just Rs 16 lakhs in Q 3 in the three months to December 31,2008 but has capital deployed of Rs 185 crs….with Rs 29 crs in Audio Visual Production and Rs 5 crs in Movies and the bulk of Rs 75 crs shown deployed in Leasing and Rs 76 crs shown as unallocated
As is required the results also show the Funds Utilisation of the various Preferential Issues.
One of the Preferential Issues was of Rs 26.33 crs raised by the allotment of 20250000 Equity Shares(17.95% stake) of FV Rs 2 at a Premium of Rs 11 to Sameer Gehlaut…He is one of the promoters of IndiaBulls
Now this rung a strong bell.
This Issue in 2007 had raised the spectrum and strong suspicion of Insider Trading by the Husband & Wife Promoter Couple of B.A.G.Films,Rajiv Shukla and Anurradha Prasad…Mr Shukla is on media channels virtually every other day giving some sound byte or the other,either in his capacity as a leading functionary of the BCCI (India’s Cricketing Body) or of the Congress
This is what had transpired two years ago in January 2007 and there has been no Investigation or clarification,either by BSE or by SEBI,despite their awareness.
Promoters,Chairperson & Managing Director,Anurradha Prasad and Director, Rajiv Shukla purchased shares of BAG Films on Jan 3,8 and 9,2007 before the Board Meeting on Jan 15,2007 to consider preferential allotment at Rs 13 to Sameer Gehlaut (promoter of IndiaBulls).Aggregate of 611283 shares were picked up,with the bulk of 567583 done so by Mr Shukla.These shares had been picked up from secondary market purchases between Rs 9.16 and Rs 12.45
On Jan 17,2007, BSE uploads their notice for the preferential allotment on the website
Price on Jan 17,2007 crossed Rs 20 and closed around Rs 19 …Price had doubled inside two weeks and volumes exploded.From the January 2007 high of Rs 23,the share price zoomed to a high of Rs 104.90 in the same year in November 2007
Those who suffered are the poor sellers in the first ten days of January 2007 at these prices of Rs 9.16 to Rs 12.45 as they were unaware of what was unfolding!
Ironically the company had send BSE notices for the promoter acquisition under Regulation 13 (6) of SEBI (Prohibition of Insider Trading) Regulations, 1992 and BSE site shows these uploaded on Jan 10 and Jan 15,2007
The share price has now touched a 52 week low of just under Rs 13 from a 52 Week High of Rs 61….What goes round must come round !