Thanks to @arpitjain305 for bringing this company to my notice.
I was going through the Annual report, @page 56 it is written as
Pending litigation, the above disclosure does not include 75,001 equity shares:
Messer Griesheim GmbH (“Messer”) had acquired 75001 shares, which have not been transferred on
account of the various orders of the Courts to that effect as off 31.03.2016. The shares still continue to
stand in the name of the original shareholders. Subsequently the right, title and interest in these 75001
shares is sold to the promoters by “Messer”.
Subsequently, as a result of the Order of the Supreme Court dated 19-4-2016, the legal rights acquired
by Messer in 45,001 shares purchased from promoters and 30,000 shares acquired from public pursuant
to the Takeover Code of Securities & Exchange Board of India (SEBI) shall be registered in favour of
You can get the verdict of SC here
The order is dated 19th April 2016. Though I didn’t get when the shares were (or will be) transfer, promoter shareholding as on 31st March 2016 was 58.93%. Now its 73.29%.
It may very well be that the sales were subdued by present management so that they’ve to pay less to Griesham GmbH. June quarter’s sales figure makes the case, with June 2014 sales being 4.75 & June 2015 sales being 3.53, but June 2016 sales are 6.44 crores.
The PE of the company is 24.5, the price is getting lower. The last trade was on 11th July.
More importantly the shares of the company is in physical (not Dematerialised) form; unless you live in Bombay, how are you going to buy it?