Published on Tue, Apr 21, 2009 at 09:12 , Updated at Tue, Apr 21, 2009 at 12:39
Source : CNBC-TV18
The Securities and Exchange Board of India (SEBI) has barred Gujarat Heavy chemicals (GHCL) founder and Chairman and Managing Director, Sanjay Dalmia from the stock market. Commenting on this, Udayan said the SEBI's move is welcomed but there is lot of shadiness about GHCL now. Its not a small company, I just hope that there is no Satyam kind of a situation lurking out there somewhere.
Here is a verbatim transcript of Udayan Mukherjees comments on CNBC-TV18. Also watch the accompanying video.
A few months back we were talking to the GHCL promoter, Sanjay Dalmia and we kept on asking him what is going on with the stock holding in your company. And he kept on saying in a very cool manner that this is just inter-promoter share holder transfers that we keep on doing, I cant be bothered to keep you informed what I am doing with my intra-group companies etc and that cockiness has given way to a Sebi ban on him from accessing the markets.
So its always struck us completely shady the way his share holding was changing around with very little information available. And you know what has been going on in any case that one particular share holder is trying to destabilize Sanjay Dalmia though he is not talking about it openly but he has been trying to elbow him out of board in any case. So this is a complete mess out there, in any case there have been very large global acquisitions, I dont know to what end those acquisitions have been made. So I would be very worried as a GHCL share holder, the kind of promoters who are running the ship right now. And frankly I wont be surprised if the next 6 or even 3 months you see some big moves on the current promoters being edged out in some form.
I think there will be quite a bit of shareholder activism; even at the board level that you will see if you are not seeing it already on GHCL. The Sebi move is welcomed but there is lot of shadiness about this company now. Its not a small company either, I just hope that there is no Satyam kind of a situation lurking out there somewhere.
Source : CNBC-TV18
The Securities and Exchange Board of India (SEBI) has barred Gujarat Heavy chemicals (GHCL) founder and Chairman and Managing Director, Sanjay Dalmia from the stock market. Commenting on this, Udayan said the SEBI's move is welcomed but there is lot of shadiness about GHCL now. Its not a small company, I just hope that there is no Satyam kind of a situation lurking out there somewhere.
Here is a verbatim transcript of Udayan Mukherjees comments on CNBC-TV18. Also watch the accompanying video.
A few months back we were talking to the GHCL promoter, Sanjay Dalmia and we kept on asking him what is going on with the stock holding in your company. And he kept on saying in a very cool manner that this is just inter-promoter share holder transfers that we keep on doing, I cant be bothered to keep you informed what I am doing with my intra-group companies etc and that cockiness has given way to a Sebi ban on him from accessing the markets.
So its always struck us completely shady the way his share holding was changing around with very little information available. And you know what has been going on in any case that one particular share holder is trying to destabilize Sanjay Dalmia though he is not talking about it openly but he has been trying to elbow him out of board in any case. So this is a complete mess out there, in any case there have been very large global acquisitions, I dont know to what end those acquisitions have been made. So I would be very worried as a GHCL share holder, the kind of promoters who are running the ship right now. And frankly I wont be surprised if the next 6 or even 3 months you see some big moves on the current promoters being edged out in some form.
I think there will be quite a bit of shareholder activism; even at the board level that you will see if you are not seeing it already on GHCL. The Sebi move is welcomed but there is lot of shadiness about this company now. Its not a small company either, I just hope that there is no Satyam kind of a situation lurking out there somewhere.
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