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Nirma disallowed to withdraw offer for Shree Rama Multi-tech

Today’s edition of Business Standard carries in a regular column “Without Contempt” an article by Somasekhar Sundaresan….he highlights the dilemma of an Acquirer,one he discloses he has represented,…in that it on one hand it can be accused of violating the Insider Trading Regulations(In non Hostile takeovers),which prohibits communication or counselling of unpublished price-sensitive information and on the other hand can be stuck despite acute fraud (In Hostile situations) Though Mr Sundaresan has chosen not to disclose which companies he is referring to as probably matter may go in appeal,anyone with a pulse on Indian Stock Markets would know he is alluding to the SAT order of June 5,2008 last month http://www.sebi.gov.in/Index.jsp?contentDisp=SAT which upheld the SEBI Ruling that the Nirma Group could not withdraw the public announcement to buy out 20% of the shares of Shree Rama Multi-tech The matter is really interesting…….In 2002, Nirma Group subscribed to 4894 secured optionally fully convertibles notes of Rs One Lakh each with a

July 21, 2008 4 Comments

Citizen Journalist on CNN-IBN covers Lloyds Finance Defaults

Just saw the Citizen Journalist Segment on CNN IBN…great idea to bring awareness on issues and reaching out to help those who need help….but they need to be careful…in one episode today they covered a retired Railway employee’s battle to get back his deposits from Lloyds Finance….the Cameras accompanied the employee to the office of Lloyd Finance and focussed on a junior level employee who was simply trying to helpout….poor fellow did not know what hit him !…a derogatory comment on this poor bloke was a bit too much really!……Go after the promoters,the Guptas, who created the mess in this Company

July 20, 2008 No Comments

Pirated Edition of “The Polyester Prince”: The Rise of Dhirubhai Ambani

You’ll get the pirated edition of “The Polyester Prince “at the signals in South Mumbai…don’t pay more than Rs 100 Today’s Sunday Mid Day devotes a whole page to it…….The Book was written in 1998 by Hamish McDonald who in 1991 was appointed to run the India Country desk from New Delhi for “Far Eastern Econimc Review”. He now is the Asia-Pacific Editor of the “Sydney Morning Herald” The idea of the book actually came in 1992 after the author had met the late Mr Dhirubhai Ambani a few times beginning in 1991 with the Invitation to the marriage of his son Anil Ambani with the Film Actress Tina Munim The Pirated Print is not too good, but the book does give some insight into the enormous risk taking abilities of the late Dhirubhai Ambani and where the End often justified the Means adopted. Born on December 28, 1932, Dhirubhai Ambani sowed the seeds for the Reliance Empire soon after he

July 20, 2008 6 Comments

A Soul Mate other than your Spouse!

Hey ! of course I’ve got a beautiful soulmate in my wife….. but feel blessed I’ve got another one too… a guy my age, young at 45 called MC… This guy is full of Life…his zest for it is simply infectious…. we land up in hour long teleconversations at 1 am at night…. doing 100 rounds of Tata Gardens at Breach Candy in Mumbai at 11 pm at night …without realising it and long after the Garden is officially shut…so intense and animated are we in our chat that even the watchman does not intervene!… we land up often at 2 am sprawled across arm chairs downing a peg or two… getting mentally naked with each other… sharing some great one liners and jokes…. legs on the chairs and body resting on the floor…. try it ! being upside down gives you a unique perspective on Life !… especially with Jim Morrison and the Doors playing in the background…. so what

July 19, 2008 No Comments

This Guy’s going to leave it all at 33 !

Over a fabulous Broccoli Soup and Brucheta for Lunch called in from“Mocambo” near my office in the Fountain Area in Mumbai I met a young 33 year old expert on Transfer Pricing and one of the youngest partners in a leading Chartered Accountancy Firm……NM wanted to meet for an hour to discuss Investment In Stocks when he goes on a sabbatical later this year to discover his Inner Self and what Life is all about !…This Guy is out to prove Somerset Maugham was on the right track when he wrote “The Lotus Eater” While the Sensex gained over 500 points we gained insight into each other from 1.30 pm to 5.30 pm!…both cancelling or deferring afternoon meetings…so intense were we in discussing Edward Bono and J K Rowling’s address to Harvard Graduates this year (Check it out on a Page on this blog) that our Lunch trays were cleared only at 4.30 pm He insisted we meet in my office

July 19, 2008 No Comments

Karachi Stock Exchange : Police and paramilitary Forces called in

Bloomberg , BBC and other media reported on Thursday,July 17,2008 that Police and Paramilitary Forces ringed the Karachi Stock Exchange a day after hundreds of Investors stoned the building and shouted anti government slogans as markets fell for the fiftteenth day in a row. In the worst losing streak in 18 years US $ 30 billion of market value was wiped off in just three months threatening to undo a 14 fold rally since 2001….The KSE 100 Index retreated 35% to 10213 from a high of 15676 on April 18,2008 I was just imagining if such a scenario plays out at the Jeejeebhoy Towers of the BSE in Mumbai !…Nah ! our Investors are more mature and know how to take a loss too !…on second thought do they ?!

July 19, 2008 No Comments

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Wealth of Mind and Monies Must Move in Tandem

We Advise Fundamentally On Direct Indian Equity