was just going though the recent concall. A very good question asked by mr Rishi.
My doubt is that doesnt company have a leagl team already in place? if so, isnt the leagl fee already decided y-oy? then why hire a team to represent all together.
Also, so much fumbling while repling related to rental costs of 14cr. whereas in rest of the areas they don’t fumble at all.
dis: invested.
Generally the in-house legal team, if at all, would not be the one who will fight cases in courts. Also companies of GBL size would probably not have a large in-house legal team too.
Disc: Invested
I was following this company since many marquee investors invested in preferential.
However, as the heading suggests, the company has so much cash to throw away, one after other things continue to happen.
There was a purported fraud.
Now a settlement.
An inter-corporate deposit of 35 L will be paid back in form of 43.5 Cr → A cool 100x in 25 odd years, A CAGR of 22 % odd
Forget investing in shares. Search for companies which pay 100x on ICD.
70817372-c459-46d9-a7c8-a82a2a35c9ec.pdf (736.0 KB)
Rgds
I was thinking the same thing. How could they allow Rs 50L in ICD to balloon into such a huge settlement. They could have easily prepaid the amount many years earlier. Looks like poor governance and indecision on the mgmt’s side.
Disclosure : Tracking but not invested.
Or perhaps, related party gratification…Actual owners of the counterparty not known.
Agreed to usurper interest rates… 36% per annum with monthly rests as per arbitral award dated 2015.
Even MFIs look like a Saint !!
I must have re-read that disclosure 3 times, I couldn’t believe my eyes.
36% p.a. – this is hilarious 
Open robbery
Many Years back as a shareholder of Aegis, I looked at Ganesh Benzoplast to diversify my holdings into this industry, especially looking at their JNPT location. For some reasons, I struggled to understand why the growth/profit performance of the company lagged Aegis, although they were in similar business. I thought it was management capability in not being able to scale up. I ignored but kept this in my watchlist to track incase things become better.
Now after the fraud and this 36% FD payout of 40+ Cr, think the siphoning of money from balancesheet might be another cause why the money never showed up earlier in the FInancial statements. Now this stock gets removed from the watchlist also 
Ganesh Benzoplast is an interesting company. It was decimated in 2000 with series of negative events which included business downturn along with earthquake. The company was then loaded with huge debt along with almost no profitability for more than decade, and it took long time and constant discussions with creditors to come out of the mess.
After 15 years of this shock, from 2016 , we can see few positive things and profitability returning back. Company operates in niche chemical storage with continuous utilization of its tanks and assured rentals, it is clocking 60-70 Cr PAT since last few years.
The next growth trigger is LPG setup which may multiply profitability by 3-4X. The CAPEX, that company can implement with 1:1 Debt to Equity, and the modest valuations 13 PE, the company looks good bet.
Few respectable investors are already invested - Anil Kumar Goel and Malabar fund.
However, the major problems as an investor (FOR ME) are the negative surprises that company continue to provide in the form of money siphoning by the CEO (recent event) or past contingent liabilities that turn out to be much larger in materiality when finally settled. Something looks fishy all the time (to ME). There’s never just one Cockroch in the kitchen.
The minor problems off course include is:
Above (the major problems) just does not gives me comfort to deploy capital, which is a personal bias, and I may miss a 10X opportunity for it.
But I can live with it, I have missed many multibagger in the past, I can afford to miss one more. What I cannot afford is investing in something, where I don’t get comfort and confidence in management, which will continue to eat my mindshare after investing.
These are my views today, I reserve the right to change them tomorrow 
I noticed this in the AEGIS Q3 presentation uploaded today. Seems AVTL has got 30 acres in JNPA. This might be a precursor to a LPG terminal.
Does anyone know what is the status of the Ganesh Benzoplast LPG terminal at JNPA? % completion? What is completion timeframe? And location of this project in the JNPA vicinity?
[Edit - From previous updates on this thread - LPG terminal expected commercialization in October 2026 (capacity: 64,000 MTPA) at one go (and not in phases) and will cost 700-750 cr.]
Need to track where the Aegis land parcel is with respect to the Ganesh Benzoplast one.
Per Google Maps, the Aegis plot is next to the Ganesh Benzo tank farm, the area marked in white rectangle. The rectangle is bigger than 30 acres, maybe 60-70 acres, but the approximate spot for Aegis.
They have all the permissions in place, building a tank is the smaller part
