A SME-listed business, into foundry business. Known as Universal Autofoundry Limited.
I was looking into the business & found Two very interesting updates, based on their exchange filings :
- As per the below filing, it says one shareholder named Mr. Vimal Chand Jain has proposed 6 boards of directors, & all were rejected.
Looks okay in the 1st look, isn’t it? Let’s dive further to know who this Vimal Jain is.
I went to the screener to know who are the promoters of the business.
Wow.
Mr. Vimal Chand Jain is actually one of the promoters. Seriously, what’s happening here?
Eyebrows raised now.
I went to their website & found he is actually the MD of the company. Below is the screenshot.
Looks like a clear case of Infighting to me. I may be wrong, but that’s an assumption I have. By the way, CFO is the son of the MD.
- Now let’s look at another interesting filing by the company.On 15th Sep 2022, it says their Company Secretary (CS) resigned.
Okay, it does happen.
On 19 Sep, 2022 the filing says, CS is requested to take back her resignation, which CS accepted.
Nice.
Only to resign again two days later on 21st Sep.
This is Crazy. I mean, what’s happening here?
This is just my observation & my thoughts. Not Invested.
PS: I have met the management.
Disclaimer: These are purely my thoughts. The companies mentioned are neither buy nor sell recommendations but only for Education purposes. I am not a SEBI registered analyst. These are the learnings that I wanted to share.
First published on Substack.