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2011 sensex leval
In 2011 sensex tg downside 15000 and up side 25000 buy near 15000-18000 and sell 23000 to 25000 best of luck
Tuesday, September 28, 2010
Posts Tagged ‘Innovassynth Technologies’
SEBI needs to take Stern action with Promoters like Ghias of Futura Polyester who seem to be enriching themselves in Innovassynth Technologies at the expense of Shareholders of Innovassynth InvestmentsTuesday, September 14th, 2010
Where Monies are there there will be Stink !….and SEBI, as the Regulator, needs to wear a Gas Mask at all times !
The Stink is being seen in the Promoters Ghias of Innovassynth Technologies (IST) raising it’s Equity Capital from Rs 55 crs to Rs 74 crs at par of Rs 10….the Value of IST is much more….Moreover shareholders of Innovassynth Investments (ISI) should have also been offered these shares at Rs 10 too…the sad irony it appears is that ISI itself rejected the fresh Investment Proposal in IST at par to facilitate the allotment to others….ISI is awaiting SEBI Clearance for Listing without an IPO,while IST remains unlisted
Know the background first
Ghias were the Promoters of Indian Organic Chemicals (IOC)….It was rechristened Futura Polyesters (FP) and the Chemicals Division was moved to a new company from August 1,2002 called Innovassynth Technologies (IST)…..FP held 23850070 shares of FV Rs 10 in IST…this was over 40% of the Equity Capital of Rs 55 crs of IST…the rest was held by Rajan Raheja Group,Rakesh Jhunjhunwala and Ghias…they were also on the Board of IST….Rajan Raheja is on the Board of Prism Cement,EIH Hotels (Oberoi Hotel Chain in which Reliance too has a major stake now),Exide,Supreme Petrochem and Sonata Sofware
FP initially decided to transfer their entire shareholding in IST to the shareholders of FP directly under a Scheme of Arrangement…an initial Ratio of 10:23 was recommended and the shareholders of FP would get the shares of IST directly and free in this ratio of their holdings in FP
However a revised Scheme was formulated…and the reasons for this are becoming more apparent now…Under this Scheme FP would first tranfer it’s entire Investment in IST to another Company ISI…In turn ISI would allot free the shareholders of FP the shares of ISI in the ratio of 5:11….Thus FP Shareholders would also own ISI shares which would get listed…and ISI in turn held the Investment of over 40% of the Equity in IST….FP would also follow this with a Rights Issue at par to bring back the Networth after adjusting the IST Investment against Equity Capital and then Specific Reserves
ISI was to get listed in 2009….BSE apparently even cleared this listing in July 2009 with the condition that SEBI Approval was required as the listing would be without any IPO…ISI applied to SEBI for this permission….till date SEBI has not given it….Why !?…SEBI has been raising queries….ISI claims it has answered all of these and are pursuing this matter with SEBI quite feverishly…what was the nature of these queries is not known…neither the SEBI website has any clues,nor is ISI revealing what these queries were.
So has SEBI delberately delayed issuing the clearance for Listing ?….in order to facilitate the raising of Equity of IST at par from Rs 55 crs to Rs 74 crs ?…SEBI must clarify to clear any such suspicion……ISI Shareholders were not directly offered this fresh Capital for subscription….Why !?…….Who has been offered and been allotted these Rs 19 crs Face Value of Shares in IST !?…..Why were they offered at par ?….ISI claims that IST is loss making and the Private Equity Players had valued it below par and it was not posssible to have an IPO of IST because of this low valuation…and I’m sure that IST will claim it had to raise funds fast to fund losses and for working capital !……However ISI Chairman claims the future is bright for IST !……..Moreover who has done the Valuation of IST !?…..It holds over 70 acres in Khopoli,near Mumbai…it owns 7% of Actis Biologics (subsidiary of US based biopharma Entity) Equity,easily worth over Rs 75 crs…it’s R & D Efforts will bear fruit in the years to come…there is no way that the real Value of IST is just Rs 10 FV or below this !…..the proof will be visible when ISI does list after SEBI Clearance….With the fresh Rs 19 crs raised at par in IST,the Equity Stake of ISI in IST has been diluted from over 40% to just 32%….ISI has stated that it’s Board of Directors had considered the Proposal to invest further in IST at par but felt it was advisable not to do so !….Why did they let go of something that was worth so much more when they were considering getting it at just FV of Rs 10 ! ?…This seems to have been done only to benefit the Promoters,Ghias and other Vested Parties…....Clearly the Board of Directors of ISI have deliberately failed in performing their fiduciary duties to protect their Shareholders interests……instead they have seemingly jeopardised these interests in favour of Promoters Ghias and other Vested Investors who were allotted IST Shares at just Rs 10
This fresh IST Equity of Rs 19 crs is worth probably more than Rs 100 crs…this will become apparent when ISI lists after SEBI Clearance….listing would be based on the Value of IST…and the listing would be over Rs 60….How !?…. Value of IST will be perceived as close to Rs 1000 crs,based on its Value of 70 + acres of Real estate at Khopoli + 7% of Actis Equity held + Future Fruits of it’s R & D activities….ISI hold 32% of IST…thus it’s holding would be valued at over Rs 300 crs….this translates to over Rs 130/share…with a haircut of 50% to 60%,ISI should list at Rs 60 atleast……It is scandalous,if discovered after further due diligence and investigation, that the Promoters,Ghias and other vested Investors have looted shareholders of ISI by Hundreds of crs by not offering them directly the Fresh Equity of IST at par but cornering the full Rs 19 crs raised for themselves….ISI has deliberately let it’s holding in IST drop from over 40% to 32% by rejecting the Investment Opportunity to favour others to corner the shares
SEBI,as regulator,is ordained to act without Fear or Favour if it wants to uphold the sanctity and credibility of the markets…..It must do so in this case too……If necessary and indciated,It must cancel this Fresh allotment of Rs 19 crs Equity in IST at par to favoured Investors or ask them to raise the Issue price of this fresh allotment from FV Rs 10 to a Fair Price based on a fair Valuation of IST worked out by a Credible and Reputed Audit Firm
EXTRACTED FROM FUTURA POLYMER ANNUAL REPORT 2009
SCHEME OF ARRANGEMENT:
In pursuance of the order passed by the Honble High Court, Bombay sanctioning the Scheme of Arrangement filed by the Company under Sections 391 to 394 of the Companies Act, 1956, the Company transferred, in accordance with the Scheme, the shares held in Innovassynth Technologies (India) Limited in favour of Innovassynth Investments Limited (IIL). IIL had in turn allotted five (5) equity shares of IIL against every eleven (11) equity shares held in the Company, to those shareholders of the Company whose names appeared in the Register of Members as on the book closure dates. The relevant shares so allotted by IIL had been credited to the beneficiaries account of those holding shares in demat and share certificates have been sent to those holding
physical shares. IIL has since applied to Bombay Stock Exchange Limited for listings its equity shares.
RIGHTS ISSUE OF EQUITY SHARES
The Draft Letter of Offer in respect of the issue of 2,62,10,839 equity shares of Rs. 10/- each at par aggregating to Rs.26,21,08,390 on Rights basis was filed with the Bombay Stock Exchange Limited and Securities & Exchange Board of India (SEBI). The Company has received the comments/observations from SEBI and a final decision on the issue will be taken by the Board at the appropriate time.
Many are recommending Futura Polyester,available at below par of Rs 10 as a fast multi bagger…..My sincere plea is to be aware of such Promoters and vested interests who seemingly care a hang for minority shareholders….you are supporting them by supporting Futura Polyesters…..They and their Circle of Crony investors would have seemingly unfairly enriched themselves having cornered the New Fresh Equity of Rs 19 crs in IST at par….it’s value as I said will be over Rs 100 crs and probably even over Rs 200 crs if and when ISI lists at over Rs 60
…and don’t be surprised if you see a reverse merger in the future between a listed ISI and an unlisted IST !….it will give an opportunity to the IST shareholders who have been allotted this fresh Equity of Rs 19 crs at par to encash obscene gains of Hundreds of Crs !
Is this a Con or a Scam or just short changing the shareholders of ISI who are also those of FP,if they yet hold FP shares…most yet hold them ?….you be the judge…..is there a devious gameplan in operation ?…is there criminality involved ?….that’s for SEBI and other authorities to investigate
I hope Shareholders of ISI realise that they have been short changed and exploited and taken for granted here by their own Board of Directors who by deliberately rejecting to invest more at par in IST have diluted the value of their holding in IST and adversely impacted all of them….I hope Shareholder Activism is strongly activated here….It is high time SEBI ordains Minority Shareholder Representation on the Board of Directors
What I can observe here is that there is scarcity of a host of critical issues….. Corporate Governance,Transperancy,Accountability,Fiduciary Duties of the Board of Directors,Proper Valuation of IST to state a few
….is it any surprise then that the Number of Equity Investors have fallen over the years in our Stock Markets…..they enter ,or should I daresay are lured,with excited expectations….only to be suckered and butchered by a nexus of unscrupulous promoters and their cronies in the Field of Capital Markets !
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Tags: Actis, Actis Biologicals, Futura Polyesters, ghias of Indian Organic Chemicals and Futura Polyester, Innovassynth Investments, Innovassynth Technologies, Rajan Raheja, Rakesh JhunjhunwalaPosted in Chemicals, Controversies, Corporate Governance, INVESTOR MISTAKES, Insider Trading, Interesting News Sightings, Pharmaceuticals, Reflections, STOCKS, Sectors, VALUATION 4 Comments »
SEBI needs to take Stern action with Promoters like Ghias of Futura Polyester who seem to be enriching themselves in Innovassynth Technologies at the expense of Shareholders of Innovassynth InvestmentsTuesday, September 14th, 2010
Where Monies are there there will be Stink !….and SEBI, as the Regulator, needs to wear a Gas Mask at all times !
The Stink is being seen in the Promoters Ghias of Innovassynth Technologies (IST) raising it’s Equity Capital from Rs 55 crs to Rs 74 crs at par of Rs 10….the Value of IST is much more….Moreover shareholders of Innovassynth Investments (ISI) should have also been offered these shares at Rs 10 too…the sad irony it appears is that ISI itself rejected the fresh Investment Proposal in IST at par to facilitate the allotment to others….ISI is awaiting SEBI Clearance for Listing without an IPO,while IST remains unlisted
Know the background first
Ghias were the Promoters of Indian Organic Chemicals (IOC)….It was rechristened Futura Polyesters (FP) and the Chemicals Division was moved to a new company from August 1,2002 called Innovassynth Technologies (IST)…..FP held 23850070 shares of FV Rs 10 in IST…this was over 40% of the Equity Capital of Rs 55 crs of IST…the rest was held by Rajan Raheja Group,Rakesh Jhunjhunwala and Ghias…they were also on the Board of IST….Rajan Raheja is on the Board of Prism Cement,EIH Hotels (Oberoi Hotel Chain in which Reliance too has a major stake now),Exide,Supreme Petrochem and Sonata Sofware
FP initially decided to transfer their entire shareholding in IST to the shareholders of FP directly under a Scheme of Arrangement…an initial Ratio of 10:23 was recommended and the shareholders of FP would get the shares of IST directly and free in this ratio of their holdings in FP
However a revised Scheme was formulated…and the reasons for this are becoming more apparent now…Under this Scheme FP would first tranfer it’s entire Investment in IST to another Company ISI…In turn ISI would allot free the shareholders of FP the shares of ISI in the ratio of 5:11….Thus FP Shareholders would also own ISI shares which would get listed…and ISI in turn held the Investment of over 40% of the Equity in IST….FP would also follow this with a Rights Issue at par to bring back the Networth after adjusting the IST Investment against Equity Capital and then Specific Reserves
ISI was to get listed in 2009….BSE apparently even cleared this listing in July 2009 with the condition that SEBI Approval was required as the listing would be without any IPO…ISI applied to SEBI for this permission….till date SEBI has not given it….Why !?…SEBI has been raising queries….ISI claims it has answered all of these and are pursuing this matter with SEBI quite feverishly…what was the nature of these queries is not known…neither the SEBI website has any clues,nor is ISI revealing what these queries were.
So has SEBI delberately delayed issuing the clearance for Listing ?….in order to facilitate the raising of Equity of IST at par from Rs 55 crs to Rs 74 crs ?…SEBI must clarify to clear any such suspicion……ISI Shareholders were not directly offered this fresh Capital for subscription….Why !?…….Who has been offered and been allotted these Rs 19 crs Face Value of Shares in IST !?…..Why were they offered at par ?….ISI claims that IST is loss making and the Private Equity Players had valued it below par and it was not posssible to have an IPO of IST because of this low valuation…and I’m sure that IST will claim it had to raise funds fast to fund losses and for working capital !……However ISI Chairman claims the future is bright for IST !……..Moreover who has done the Valuation of IST !?…..It holds over 70 acres in Khopoli,near Mumbai…it owns 7% of Actis Biologics (subsidiary of US based biopharma Entity) Equity,easily worth over Rs 75 crs…it’s R & D Efforts will bear fruit in the years to come…there is no way that the real Value of IST is just Rs 10 FV or below this !…..the proof will be visible when ISI does list after SEBI Clearance….With the fresh Rs 19 crs raised at par in IST,the Equity Stake of ISI in IST has been diluted from over 40% to just 32%….ISI has stated that it’s Board of Directors had considered the Proposal to invest further in IST at par but felt it was advisable not to do so !….Why did they let go of something that was worth so much more when they were considering getting it at just FV of Rs 10 ! ?…This seems to have been done only to benefit the Promoters,Ghias and other Vested Parties…....Clearly the Board of Directors of ISI have deliberately failed in performing their fiduciary duties to protect their Shareholders interests……instead they have seemingly jeopardised these interests in favour of Promoters Ghias and other Vested Investors who were allotted IST Shares at just Rs 10
This fresh IST Equity of Rs 19 crs is worth probably more than Rs 100 crs…this will become apparent when ISI lists after SEBI Clearance….listing would be based on the Value of IST…and the listing would be over Rs 60….How !?…. Value of IST will be perceived as close to Rs 1000 crs,based on its Value of 70 + acres of Real estate at Khopoli + 7% of Actis Equity held + Future Fruits of it’s R & D activities….ISI hold 32% of IST…thus it’s holding would be valued at over Rs 300 crs….this translates to over Rs 130/share…with a haircut of 50% to 60%,ISI should list at Rs 60 atleast……It is scandalous,if discovered after further due diligence and investigation, that the Promoters,Ghias and other vested Investors have looted shareholders of ISI by Hundreds of crs by not offering them directly the Fresh Equity of IST at par but cornering the full Rs 19 crs raised for themselves….ISI has deliberately let it’s holding in IST drop from over 40% to 32% by rejecting the Investment Opportunity to favour others to corner the shares
SEBI,as regulator,is ordained to act without Fear or Favour if it wants to uphold the sanctity and credibility of the markets…..It must do so in this case too……If necessary and indciated,It must cancel this Fresh allotment of Rs 19 crs Equity in IST at par to favoured Investors or ask them to raise the Issue price of this fresh allotment from FV Rs 10 to a Fair Price based on a fair Valuation of IST worked out by a Credible and Reputed Audit Firm
EXTRACTED FROM FUTURA POLYMER ANNUAL REPORT 2009
SCHEME OF ARRANGEMENT:
In pursuance of the order passed by the Honble High Court, Bombay sanctioning the Scheme of Arrangement filed by the Company under Sections 391 to 394 of the Companies Act, 1956, the Company transferred, in accordance with the Scheme, the shares held in Innovassynth Technologies (India) Limited in favour of Innovassynth Investments Limited (IIL). IIL had in turn allotted five (5) equity shares of IIL against every eleven (11) equity shares held in the Company, to those shareholders of the Company whose names appeared in the Register of Members as on the book closure dates. The relevant shares so allotted by IIL had been credited to the beneficiaries account of those holding shares in demat and share certificates have been sent to those holding
physical shares. IIL has since applied to Bombay Stock Exchange Limited for listings its equity shares.
RIGHTS ISSUE OF EQUITY SHARES
The Draft Letter of Offer in respect of the issue of 2,62,10,839 equity shares of Rs. 10/- each at par aggregating to Rs.26,21,08,390 on Rights basis was filed with the Bombay Stock Exchange Limited and Securities & Exchange Board of India (SEBI). The Company has received the comments/observations from SEBI and a final decision on the issue will be taken by the Board at the appropriate time.
Many are recommending Futura Polyester,available at below par of Rs 10 as a fast multi bagger…..My sincere plea is to be aware of such Promoters and vested interests who seemingly care a hang for minority shareholders….you are supporting them by supporting Futura Polyesters…..They and their Circle of Crony investors would have seemingly unfairly enriched themselves having cornered the New Fresh Equity of Rs 19 crs in IST at par….it’s value as I said will be over Rs 100 crs and probably even over Rs 200 crs if and when ISI lists at over Rs 60
…and don’t be surprised if you see a reverse merger in the future between a listed ISI and an unlisted IST !….it will give an opportunity to the IST shareholders who have been allotted this fresh Equity of Rs 19 crs at par to encash obscene gains of Hundreds of Crs !
Is this a Con or a Scam or just short changing the shareholders of ISI who are also those of FP,if they yet hold FP shares…most yet hold them ?….you be the judge…..is there a devious gameplan in operation ?…is there criminality involved ?….that’s for SEBI and other authorities to investigate
I hope Shareholders of ISI realise that they have been short changed and exploited and taken for granted here by their own Board of Directors who by deliberately rejecting to invest more at par in IST have diluted the value of their holding in IST and adversely impacted all of them….I hope Shareholder Activism is strongly activated here….It is high time SEBI ordains Minority Shareholder Representation on the Board of Directors
What I can observe here is that there is scarcity of a host of critical issues….. Corporate Governance,Transperancy,Accountability,Fiduciary Duties of the Board of Directors,Proper Valuation of IST to state a few
….is it any surprise then that the Number of Equity Investors have fallen over the years in our Stock Markets…..they enter ,or should I daresay are lured,with excited expectations….only to be suckered and butchered by a nexus of unscrupulous promoters and their cronies in the Field of Capital Markets !
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Tags: Actis, Actis Biologicals, Futura Polyesters, ghias of Indian Organic Chemicals and Futura Polyester, Innovassynth Investments, Innovassynth Technologies, Rajan Raheja, Rakesh JhunjhunwalaPosted in Chemicals, Controversies, Corporate Governance, INVESTOR MISTAKES, Insider Trading, Interesting News Sightings, Pharmaceuticals, Reflections, STOCKS, Sectors, VALUATION 4 Comments »
Tuesday, October 27, 2009
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