Knowing how brute force one party has been for its political opponents across the board, i dont think it is a good sign.
Seeing how multiple politicians have suvvumbed under ed raids, i dont think manna has much option other than bending and changing political affliation.
If they dont do it immediately then i dont think its going to be in the interest of the company. If they bend then the other party might go against them.
I think ED comes under central government and cannot be influenced by state politics. However I have searched for past promoter history and does not find any such malpractice.
I’m more worried if it’s political. They can go any extent to get what they want. When GVK refused to sell control of MumbainAirports to Adani, there came CBI and then came ED with a 754 crore scam case. Raided everything including promoters house. He was forced to sell it to Adani, and then the cases were dropped. If it’s political, it’s probably something big, to take the risk of involving ED that too in a listed company.
Agree on this point… Remember the case of indiabulls housing finance, they were bombard with many cases and allegations untill its business go burst… A fast Growing housing fin company with high ROE, low NPA suddenly became kachra stock ecen though Nothing is proven…
Let’s hope they come out clean but if such instance like raids repeats in short term, it should be taken as big red alert as finance companies run more on trust than money…!
They probably are. Muthoot had faced workers union strike due to low salary couple of years back, these unions were mostly CPM allied or CPMs own union. There was no such issue in Manappuram when both the company’s have similar pay.
Also VP Nandakumar is ezhava caste, which is the main vote bank of CPM in Kerala.
Anyway, ED comes under Central government, and it could be that CG has an issue with Manappuram favouring CPM.
If I understand this correctly, the search is for another company related that had the same promoter and Malappuram Finance itself was not involved with MAGRO?
its hard to draw conclusions from this, they say its 9.5 lakhs but news came out they freezed his assets around150 crores, now MFL intimated that it includes 19,29,01,996 equity shares held by him, which in itself is 2000 crores. (apparently ED valued it at 140 crores)
A T20 match is currently in progress, and the company’s management has a clear vision . There are ongoing investigations by the ED and FIR. Investors who have faith in the management are buying the stock, while those who do not believe in it are selling.
bse has banned future buying and selling, so I have taken a cash position at 103.65. I have closely followed this company for the past five years and have confidence in its management. I believe that this is a great opportunity to buy at a discounted price, which may not last long. The management of the company is highly ethical and adheres to strict rules
Is it possible that, those 143 cr are basically vp nandakumar’s own black money which he tried to launder in the name of some unknown common people deposit with MAgro? As per this theory it makes sense why ED put charges of money laundering against him and froze whole 143 cr! But still if those 143 cr belongs to vp nandakumar himself why would he need to keep 9.25 lakhs with the account? Considering the strong board of manappuram the above theory is highly unlikely but can’t take any decision at this point and holding my investment!!!
