I agree promoters are terrible when it comes to the interest of minority shareholders
Are we really missing something here? Is it time to grab this share and load in tonnes? All said and done , the scrip is potentially staring at revenue of around 3000cr in coming years. If JV partner publicly acclaimed statement of sales figure is correct,then is this a case of vested interest suppressing the counter? Promoter should be called by business channels to spell out on cash flow in the next few quarters.
Sir, is there any reason behind intra promoter exchange of shares @ Rs 390/share,when average 6 month price is substantially lower?If Mohan distelleries has enough cash to buy shares at this price, can we expect return of cash with interest to Binny Ltd during the week end meeting? What is happening here?
I think that there are a lot of q/s about the safety of minority shareholders that have remained unanswered over the past. Was invested but exited there were a lot of things that kept changing and it was very difficult to get an understanding of what was happening in the co. The land and potential development is very lucrative though but not sure whether its a good investment
Best
Bheeshma
This is to inform that a Board Meeting of the Company is scheduled to be convened on Saturday,
September 04, 2021 inter-alia to consider the following proposals:
- Formation of a Wholly-owned Subsidiary Company for setting up a 195 KLPD Grain
based Distillery for production of Fuel Ethanol, under Projects approved for Ethanol
Interest Subvention Scheme announced by the Government of India. - Setting up a2 MW Solar Power Project.
The exchange is requested to take the same on record.
A ray of hope or a drama to get the debt settlement plan approved by minority, being a promoter related transaction?
Hight of embezzlement of Rs560 Crs of Company’s Fund 5 years back by promoter group by way of using it in one of the promoters closely held company without taking minority share holders approval. Inspite of minority share holders rejected this Related Party Transaction still promoters didn’t bring company’s funds back to the company’s kitty. And now after 5 years dramatically they say they are off setting this Rs560 Crs with Acquiring Non Core Activity Assets of Promoters Loss Making Closely Held Company. This is not an end to Minority Share Holders Plight during this 5 years deliberately company inspite of having made huge sale response in real estate construction project and even sold outright piece of land worth Rs560 Crs still never declared dividend. And during this 5 years the promoters drag huge Remuneration from company. And statutorily every company was supposed to declare 31st March result by June 2021 but Binny Management didn’t bothered to declare it uptill now. Under which law they got permission to delay result declaration indefinitely !!! And inspite of so many share holders complaint to SEBI & BSE for the reasons best known to them they are also not taking any action against Management.
5 Likes
if it is an act of siphoning money, they are doing it very openly. Transferring all received money as and when it is received even after share holders declining the transaction in a different route. What is the protection the minority share holders have. Surprising how LIC is still silent if that is the case. How the complaints can be registered? I believe the transaction will anyway come for minority share holders approval. Who knows the binamies have bought shares to vote and pass the resolution?
Finally EGM notice released by Binny. Eventhough doubting a lot on promoter, still see a chance they being right consider MBDL was supporting company at critical time.
EGM Notice final - Key points.docx (47.5 KB)
1 Like
Sebi appoints forensic auditor for Seya Industries. What invoke such action. May be useful here 