Vindhya Telelinks ltd

In the annual report they show that they have almost 2.43 crore share of Birla corporation limited, this stake alone is worth 2300 crore in todays market however if we watch at the company fillings they only on 8.9% which is worth like 650ish crore. Now they question is whom do we trust ( obvious answer is to trust the public fillings of 8.9%) but why would they mention wrong number in the annual report?

Hey they hold 30% stake in birla corp via 3 wholly owned subsidiaries . Interestingly lot of deep value investors including Mr. Ramesh Damani / Sidhharth Bhaiya Fund hold good stake in this company .

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Can you please share the name of 3 wholly owned subsidiaries

Also i was unable to see Ramesh Damani having a stake in the company,it would be very helpful if you can please guide me towards the correct source of this information

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August Agents , insilco,lanseda & Punjab Produce . Regarding Mr. Damani - He has in the name of his son . I had checked with Company books inspection .

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Recovery in nos

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What could be the justification for this stock:

  1. To be still trading at less than Book value,
    At les than 10 annualized PE, when small cap index is at all time high, when junk shares are trading at 10x BV, and 40 PE.

Their reserves are more than their total market cap.

Is it a deep value stock available.

Or perhaps market knows something more , which doesn’t meet the eye.

Could their be possibility of crooked BS & P&L.

I think the cash flows is the issue ; however now things seem to be turning
However , the above is only in light of apparent financials and information in the public space

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Yes obvious is in public domain.

Cash flows aren’t a problem either , if last few qtrs are the indications, their cash flows have only improved.

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Isn’t this poor corporate governance? Can someone please quantify this risk.