Hat Tip: Safir
It is very rare to see a Promoter vote against his own Company’s Board resolutions.
This astonishing sighting happened in the case of Jyoti Resins & Adhesives Ltd.
On 29 Aug,2016, the Board recommended a stock split of the shares from a FV of Rs.10 per share to FV of Rs.1 per share
However in the AGM held on 30 Sept,2016, the Promoters voted against the resolution thereby blocking it.
Hmm…maybe such resolutions should have waited till the Shraadh period got over !
Source: Prashanth
Hat Tip: Kora Reddy
The IPO of L&T Technology Services Ltd is currently underway.
Investors who invested in the IPO of L&T Infotech Ltd earlier this year burnt their fingers as now the scrip is quoting below the issue price.
Perhaps considering the dampened investor sentiment in mind,L&T Chairman Naik is doing his best to talk up the prospects of L&T Tech.
In an interview to ET, he says
“The revenues now stands at about $470 million as of last year. We have grown past $525 million this year. We believe we will double this in the next five years. That is what our plan is. We will make some acquisition to aid us in technological development — things like digital and Internet of Things. “
Now as per SEBI guidelines,Managements are not supposed to provide forward looking statements and even if they do,they have to make a note of it in the DRHP
Now the DRHP of L&T Tech has no mention of this doubling of revenues.
So is Mr.Naik living in an alternative universe where only L&T anthem gets played and SEBI rules don’t apply?
Or is he just being a naughty old man?
