Weekend Reading:May 26, 2012

Some great reading for the weekend:

Why partying is hard in India (NewsLaundry)

The curious case of empty Adidas godowns (ForbesIndia)

How Google can beat Facebook without Google Plus (Atlantic)

Photos:Inside Ambani’s exclusive residence in Mumbai (VanityFair)

What is Nepaliness? (Economist)

The South African President’s spear (NewYorker)

The bizarre legal case that could force 1.2 Million Canadians to marry against their will (Slate)

 

Balaji Telefilms:Promoters selling Company land to themselves

Balaji Telefilms,lead by the redoubtable Ekta Kapoor, is one of the leading production houses in the country.

The share price has been going nowhere due to adverse market conditions and corporate governance issues.

Check this out from the notes of their latest financial result:

The Company, in the previous year, had invested in three adjacent plots of land admeasuring approximately 38,870 sq. mtrs. in aggregate, situated within the limits of Mira Bhayander Municipal Corporation. During the current quarter, the Company has sold the plots of land for a consolidated consideration aggregating to Rs.5,100.00 lacs on an ‘as-is where-is’ basis vide two separate
transactions and has accounted for the profit on sale aggregating to Rs. 122.89 lacs (net of related
expenses). Part of the land has been sold to M/s JK Developers a sole proprietary firm owned by one
of the Directors of the Company.

 

JK Developers probably stands for Jitendra Kapoor Developers (Jitendra is the father of Ekta Kapoor)

Hmmm…