How are these people selling in market? Why are their shares not locked for 6months from the time of IPO?
Mr. Venkatraman Srinivasan was the MD and CEO of 3i Infotech Ltd. They binged on foreign currency convertible bonds to make several acquisitions in the services space and failed to integrate the acqusitions and couldn’t pay off its creditors. Assets were disposed off and the shares were dumped on public.
eMudhra was originally incorporated as ‘3i Infotech Consumer Services Limited,’ as a wholly owned subsidiary of 3i Infotech Limited. Pursuant to an acquisition by Indus Innovest Technologies Private Limited, the name was changed to ‘eMudhra Consumer Services Limited’. The name was further changed to ‘eMudhra Limited’ on October 21, 2014.
MD and CEO is the same person as 3i Infotech. All KMPs have started selling and exiting. It may have the same fate as 3i Infotech.
https://archives.nseindia.com/annual_reports/AR_3IINFOTECH_2009_2010_05102010120000.zip