Headline in Economic Times this morning caught my eye where they have presented Mr Rajeev Shukla as a Man in Many Roles and his Business Interests with Reliance Group,Shah Rukh Khan and IndiaBulls
Rajeev Shukla: Meet the minister, networker & businessman
Also observed many Reader Comments were not complimentary of Mr Shukla
This triggered off a Memory of Insider Trading in 2007 ~Nothing Personal against Mr Shukla ,don’t know him, never have spoken to him or met him ~ but in 2007 had advised Clients to exit Bag Films,promotedby Mr Shukla and his Wife, on Corporate Governance Issues that revolved around Suspected Insider Trading
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
Then from 2008 to 2012 had blogged several times on Mr Shukla’s business links with Shah Rukh Khan and IndiaBulls and others
Wednesday, September 12th, 2012
Friday, May 18th, 2012
Wednesday, April 28th, 2010
B.A.G. Films and Media Ltd back to under Rs 13 from just under Rs 105…It had never deserved to shoot up like this!