Hat Tip: A Mitra
Source: TBZ Annual Report 2017-18
The Chairman & MD Shrikant Zaveri makes this promise in his letter to shareholders
,
He then backs up his promise by delivering value to himself and his two daughters (Binaisha and Raashi) via handsome salary packages.
Shrikant Zaveri’s salary :
Binaisha Zaveri’s Salary:
Raashi Zaveri’s Salary:
Now, no one would grudge these salaries if the Company was performing well.
But take a look at the Consolidated Profits of the Company:
Promoter’s salaries is around 2/3rds of the Net Profits of the Company !!
So when the Promoter says his business model is delivering value to shareholders, he means it is delivering value to shareholders who also happen to be family members !
11 replies on “TBZ : Superb Family Values”
It was really nice to read it , thanks for pointing out such subtleties
True to his words. Family first.
Thank you for bringing out such rip offs by promoters.
Superb SIP for TBZ family, being paid by the shareholders. I am sure there would be more companies like TBZ who transfer money out of the listed companies to them self.
Very nice and sensual post….Investors be aware and beware….
Such stores should not receive your custom.
Just as Raymond’s should not where a son living lavishly pushes out his father from his home so that he has to fight in court to get some settlement.
Such valueless companies should be shunned not only by customers and shareholders but also by employees. There is enough employment available in honest well run companies.
Imagine how they would loot the company if they are in good profits.
I always had good regard for this management but not anymore! Thanks for pointing out!
Excellent . True picture of management Hypocrisy.
Great article
Such selfish actions by Prommoters make Indian Stock Markets credibility very poor .Regulatory authorities should make strict norms and ensure Reasonable renumeration keeping in view Profit earned by company.
Ravinder Arora