Not surprised to hear shocking views of JR Varma on ‘Open Offer’ in context of Buy-out in this continuing Satyam Saga

I for one,was not surprised to hear the shocking views on revising the ‘ Open Offer’ Pricing guidelines of JR Varma…He is an ex-SEBI Member and had also headed their Corporate Governance Committee…..He is clearly building up the ground for the Government to direct SEBI to do exactly just this to facilitate Larsen

Mr Varma,was quite forceful in stating on CNBC 18 today that the  current pricing parameters for the mandatory ‘ Open Offer’ to remaining shareholders by the acquirer,once he buys 15% of the company’s equity should be revised….It is unfair,he states, that the acquirer has to pay the average of the last 26 weeks share prices…This parameter was created to protect Minority Shareholders and also that there was some level of distrust on the fairness and authencity of pricing in Share Markets…but for liquid shares,like Satyam,Mr Varma,is of the opinion that the Current Prevailing Market Price can serve as the basis

Mr Varma,you are clearly and perhaps deliberately missing the point here…Larsen made a mistake and then averaged Satyam…Mr Naik of Larsen has been openly canvassing for political,bureacratic and institutional support  in buying out Satyam as also tweaking the SEBI ‘Open Offer’ pricing parameters…Clearly ,Mr Varma,you are supporting this move….Are you being Led here ? or do you heart of hearts believe that SEBI Takeover Norms should be revised !?

The Point also here is ‘Insider Trading’…was Larsen Privy to some clear assurances from the government on both,issues of Legal protection from class action lawsuits in USA against Satyam and dilution of ‘Open Offer’ Pricing Formula ?….after which Larsen went ahead on January 23,2009,exactly just a month after it had began it’s disastrous 3.95% buying of Satyam shares at @ Rs 175,and picked up another 8% stake at Rs 40+…it now holds just above 12% in Satyam at an average of @ Rs 80 and is awaiting SEBI to dilute a key pricing parameter for the ‘Open Offer’ before it goes ahead and buys another 3% to trigger the ‘Open Offer’

Corporate Governance dictates that there should be full Transperancy  and a level Playing Field for all Investors…..Clearly some know more than the rest of us and are acting on it !

Many are making a mockery of many Issues here and taking a high Moral Ground….Trying to  shove a deliberately planned tweaking of the ‘Open Offer’ guidelines down our throats will only add to further distrust and disillusionment in the ‘Powers’ that are….It will be reverting back to a short sighted vision read more

Hey! Is Times of India Reading My Blogs ? Headlines Today: Did Raju tip off big lenders?…Blogs on Thurs,Jan 8 and Fri, Jan 9,2009 raises this Issue

Hey ! Times of India’s Mumbai Edition has this Headline Today

Did Raju tip off big lenders ? 

Thanks TOI….you reach out to Millions…..I raised this Issue too on my blog on Thursday,January 8,2009…Check it out Below

http://www.gauravblog.com/?p=426

 

NOW TWO MORE SERIOUS QUESTIONS EMERGE IN THIS SORDID SATYAM SAGA UNFOLDING!

Now Two More Serious questions need to be answered in this continuing Satyam Saga !

QUESTION NO 1

DID RAMALINGA RAJU INTIMATE LENDERS TO SELL HIS PLEDGED SHARES BEFORE RELEASING HIS CONFESSION LETTER TO REALISE A BETTER PRICE TO CLEAR MORE OF THE LOAN ? 

OUESTION NO 2

NOW WE KNOW WHY THE MAYTAS PROPOSAL WAS STRUCTURED THE WAY IT WAS ! QUESTION IS WHICH ‘BIG FOUR FIRM ‘ CONNIVED WITH SATYAM TO BRING UP THE VALUE OF THE MAYTAS DEAL TO US $ 1.6 BILLION ! TO MATCH THE SATYAM ASSET HOLE ?

Also raised the worry on my blog on Friday,January 9,2009 that Larsen’s Fatal Investment in Satyam from December 23,2008 to January 6,2009 could be their lifting the same Promoter pledged shares sold by lenders

Check it out on

http://www.gauravblog.com/?p=431

 

Larsen Jumps the Gun in Buying 4% into Satyam and sees Big Erosion of over 85% and over Rs 300 Crs inside just Two Days !…they must file an FIR against Satyam and it’s Chairman,Ramalinga Raju

Larsen was probably ill advised to buy a 4% Stake in Satyam at undisclosed price…Definitely over Rs 100 asY.M. Deosthalee told Dow Jones Newswires by telephone that the company acquired the stake over ten days ending Tuesday through its L&T Capital arm.

Larsen now holds close to 2.70 crore shares in Satyam at Investment cost of over probably  between Rs 350 crs to Rs 450 crs….On Wednesday,January 7,Satyam opened at Rs 175 but closed at Rs 40 after Ramalinga Raju’s Confession of a massive Fraud…Today Satyam has sunk even lower to Rs 20…Larsen’s holding in Satyam is worth just Rs 54 Crores inside days…It has lost over 85 % and @ over Rs 300 crs notionally inside two days !…it will have to mark the investment to market

There is also the grave posssibility that L & T Capital may have picked up the same 4 % of Equity sold by the Lenders to Ramalinga Raju on his pledged shares…If this is so,then Ramalinga Raju may have awaited this sale at High Prices before releasing his Confession Letter on January 7,2009

Larsen must not let Satyam and Ramalinga Raju get away with this ! 

The Share Price of Larsen has also eroded by 15% to below Rs 700 in quick time