The quality of governance in this company is not very high. The promoter salaries are quite exorbitant, which demonstrates that the promoter would rather pay himself through salary rather than dividends, which helps minority shareholders too (ignore the tax angle). The management is also completely dominated by family individuals, and it seems they are all being born just to get involved in the company. Sure, one of them could professionalize the company, but that is a gander.
The above are the reasons why this company has never caught the focus of institutions or the retail public, and it is likely to remain so. Also note that the leather industry is facing heavy headwinds in India.