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A Lion’s eye on the Bulls and Bears

“In India, companies may fall sick, but promoters rarely do!”

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October 20, 2008

Hope Your Sense of Humour is yet Intact ?

You can’t do much with all this Financial Chaos happening around you…but you can begin this Week with a few chuckles related to this crisis

Q : Why are MBAs in USA returning to their Colleges ?

A : To ask for their Money Back

 

Q : What’s the difference between an Investment Banker and a Large Pizza ?

A :A Large Pizza can feed a Family of Four

 

Q: Why do you say that the Market has Stabilised ?

A : 40 Years ago I sold 100 shares of a Company and was able to Buy a Brand New 1968 Fiat Car…Last Week I checked that if I sold another 100 shares of this Company I would yet be able to Buy a 1968 Fiat Car..so the Market has stabilised

 

Q: What do you call a group of 12 Investment Bankers,Brokers and Advisors at the bottom of the Ocean ?

A : A Good Start

Lok Housing now faces Rs 100 crs Income Tax Liability on undisclosed Income

Lok Housing is on lower circuit at Rs 24.35 today on the BSE on news that it is facing an Income Tax Liability of Rs 100 crs on Income that was not disclosed

On July 7,2008,I had blogged on Lok Housing crashing from Rs 400 to Rs 44 inside six months querying as below

 “What’s happening ? With such a performance why has Lok Housing dropped from Rs 400 in Jan this year to Rs 44 today…is there a significant legal issue, inflated asset or liability non provision we don’t know about ?”

Yes there was and now we know what it was…Why did we not know this before? why do Shareholders and Investors have to keep on guessing what is happening in a Company !?…There are mechanisms for immediate and timely disclosures like Listing Agreements.Also Auditing and Accounting Standards and Corporate Governance have to be adhered to in the Annual Report,for disclosure of such significant and sensitive developments…Why are such Mechanisms proving inadquate ? Are they not being followed or implemented properly or do they need strengthening ?   

 

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