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
New annoucement from GB.
The big positive from the results is the turnaround in the chemical business. With the new management in control, they have made good changes. Higher topline and bottom line.
We have to wait for the conference call to hear about the progress on the LPG terminal. The key thing to watch out for will be whether the constriction has started. It is delayed by a good six months from the initial timelines given by the management.
I am invested—2.5% of my portfolio.
Cancellation of partnership with BW LPG & confidence petroleum is probably the biggest hit the company received in recent times after all the financial shenanigans at is subsidiary levels due to other promoters.
Thesis is completely negated post this cancellation as all thr commentary of mgmt was based on the partnership with these companies in ensuring throughput & funding support from partners.
Further, cancellation of agreement owing to “poor macroeconomic times” is a major hit.
Update 1 - One more cockroach found 
, another possible 6.83Cr impact.
FIR dated May 02, 2025, registered by one of the alleged lenders against the Directors and Key Managerial Personnel of the Company
Update 2 -
LPG terminal project is in trouble with the partners discontinuing their involvement. What is the financal impact? Will GB try to lease to another party? Aegis?
The lease for Ganesh Benzoplast’s JNPT terminal is set to expire in 2047, based on a 25-year agreement signed in 2022. Despite the recent discontinuation of the LPG project, Ganesh Benzoplast retains full ownership of the leasehold rights, valid until 2047.
Disc: Holding; Bought shares today.
The JNPT LPG terminal was announced in Dec 2023 for 600Cr, and then by Jul 2024 the cost was raised up to 750Cr.
After 1 year, the JV partners have discontinued the JV, and have walked out. I looked at the GB and Confidence Balance Sheets and do not see any huge increase in CWIP. I see a 83Cr increase in Loans and Advances in GB balance sheet.
Does anyone have details what is the capital contribution of each JV partner? And what is the borrowings for this JV? Are there any details on this, or this never took off?
Also just to verify, Was any ground work done on the JNPT land for the LPG terminal? From google maps, I could not locate any LPG cryogenic sphere structure coming up in the GB Tank farm, all seem to be liquid cylinders. For Aegis Mangalore project you can see the LPG cryogenic spheres pictures in this post.
I do not think any groundwork was done. For the last three quarters, the management mentioned they were about to start, but the work never started.
This is a significant blow to the company. I have exited my 100% holding today with a loss. This news completely nullifies the original thesis. Plus, other corporate governance issues do not instill any confidence.
Some key factors that could influence whether the leasehold rights are affected or not:
Does anyone know how the leasehold rights are structured in case of JNPT and more specifically in this GB plot?
