July 25, 2018

Congrats Mahendra Wadhwani and Dilip Surana- Reed Relays Case

Hon'ble Supreme Court has rejected the Appeal of Reed Relays against Hon'ble NCLAT order in favour of public shareholders represented by Mahendra G Wadhwani ( of Mumbai ) and Dilip Surana ( also ,leading share dealer of Chennai. )

It is a victory of all Non Promoter shareholders of Companies which compulsorily acquire Non Promoters' shares at ridiculously low rates which are approved / rubber stamped by so called Valuers.

 Hon.ble Supreme Court's Order



The impugned NCLAT Order

National Company Law Appellate Tribunal ( NCLAT ) , New Delhi has recently set aside the NCLT , Chennai ' Order regarding Reed Relays 'compulsory cancellation of Non Promoters' shares at a very low rate of Rs. 107 /- share.

NCLAT , New Delhi has ordered that the case be reverted back to NCLT , Chennai and be heard afresh.

This is a great victory for Public / Non Promoter shareholders who have been victims of unfair / unethical cancellation / acquisition of their at very low rates


please read

We are very proud of , among others ,Mr. Dilip Surana a leading share dealer of Chennai and Mr. Mahendra G Wadhwani of Mumbai , a public spirited Investor who pursued the case , out of their hometowns ,all the way to New Delhi.

We wish that Public Spirited Investors like Mr. Surana and Mr. Wadhwani and others like them ( like Mr. P P Zibi jose of Kochi  ,Mr. IP Gupta of Faridabad - Haryana , Mr. Tushar Agarwal of Ahmedabad, Mr. Dhruval Shah of Ahmedabad   , Bhavikk Shah of Mumbai and many others )   join Board of Directors of Public Limited Listed Companies as Independent Director.

 This landmark NCLAT  Judgement would be of great help , in future ,to Non Promoter Investors and prevent the tyranny of the Promoters over Small Investors . 

Earlier small investors were taken for granted by the Promoters. 


old posts

October 07, 2017

Reed Relays Cancels Public Shares @ Rs.107- Shareholders Aggreived

Blog Gratitude to :-

Mahendra G. Wadhwani,
501-506 Business Plaza,
33 Gazdar Bandh Road,
Santacruz (West), Mumbai - 400 054
Mob.: 09820140363 / 9322530308

for mailing a copy of Hon'ble  NCLT Chennai Order dt. 04/10/2017, Order No.CP 21 / 66 ( 1 ) / CB / 2017 , under Section 66 ( 1 ) of The Companies Act 2013.

The operative part of the Judgement is that Hon'ble NCLT has accepted Reed Relays ' case in totality . Shares of Non Promoters would be compulsorily cancelled @ Rs. 107 ( as determined by valuers appointed by Reed Relays.


The Blog wishes to place on record the spirited objection put up by the leading Share Dealer of Chennai , Dilip Surana .


Dilip Surana
Strides Financial Services
"Arihant Plaza"
84-85,Wall Tax Road, Ist floor
Park Town, Above SBI
CHENNAI 600003
Phone No 044-25350312, 25350313
Fax No  044-42371148
Mobile 9840278351      95000 95121


We wish more such Pro Public, Pro Active Shareholders Guides come forward,

Great Work : Mr. Dilip Surana


please , also  read

September 19, 2017

Activist Shareholders Should Join Board of Directors

please click


July 18, 2018

Reverse Book Building - For All Promoters Actions For Compulsory Inquisition of Shares

Valuers are Selected and Paid by Promoters. Hence , they do Promoters' Biddings.

They should not be mere Rubber Stamps for the Rates dictated to them by Promoters.


If  Promoters wish to Compulsorily acquire shares from Public shareholders they should do it only through Reverse Book Building route.

Investors do not have confidence in so called " Valuers ".


please , also , read




February 14, 2018

Games Promoters Play ( on Minority Public Shareholders ).

Promoters use clever moves to forcibly eject Public shareholders when ever they feel like i.e. when the Company has excellent future prospects or when it suits the Promoters. 

1 ) Selective cancellation of Non Promoters shares.

2 ) Conversion of Equity shares in to Redeemable Preference Shares.

3 ) Consolidation of face value of one share to a Higher Denomination .

In all cases , valuers are appointed and Paid by the Company. Thus they are Promoters' Agents.


If the Company feels that the rate it is offering is " FAIR " then it should , also , be willing to offer to sell its entire majority  holding at that rate .

 The minority share holders ( and other Indian share holders ) should have a Right of Pre emption at that " FAIR " rate. 

For example if FCI OEN Connectors Limited feels that Rs.767 is a " fair rate " then Indian shareholders in general should be given an opportunity to form a SPV ( Special Purpose Vehicle ) Company which ( with suitable debt equity Leveraged Buy out ) and buy  at the same rate  the majority shares from the Promoters. 

A period of 6 months should be kept for giving this opportunity to Non Promoter Indian shareholders

FCI OEN Connectors-Compulsory Buyback at Fraction Value

FCI OEN Connectors is the latest Company ( like Cadbury India ) to compulsorily eject loyal Non Promoter shareholders @ Rs.767 /- per share. 

Real Valuation is Rs. 4000 + /- per share .

This anti Public shareholder move needs to be vigorously opposed


We are grateful to Mr. PP Zibi Jose of 

Tenrose Capital Services Ltd, Cochin
Tel - 0484- 2401685 ; 2401684 ( m ) 09388603877    email : tenrosekochi@gmail.com

  for taking up the issue


Please click below for the entire fact sheet letter brilliantly written by Mr. Jose.


for more , please click


Ban All Face Value Consolidations to Higher Denominations

Whereas Split of the face value of one share to a Lower denomination should be allowed ,Consolidation to a Higher Denomination should be absolutely banned by SEBI.

Consolidation to a Higher Denomination was done by Binani Metals, Rasoi Limited , attempted by Digvijay Finlease ( later withdrawn under Public shareholders' pressure ) and , now, being attempted ( but opposed by shareholders ) of Macrofil Investments Ltd ( a Nusli Wadia Company ).

Macrofil Investments rareindianshares.coLimited ( Nusli Wadia Investment Company )

Macrofil Investments is an Investment Holding Company of Nusli Wadia group ( Bombay Dyeing, Britannia , Bombay Burmah , National Peroxide etc ).

Marofil Investments holds ( on a very small capital base of Rs.44 Lakh ) inter alia one third of National Peroxides' Equity.

In the last one year Market price of shares of National Peroxide has gone up from Rs. 600 to Rs.2000.

Macrofil Investments has , very cleverly , devised a plan to consolidate face value of one share from Rs. 10 to Rs. 5000.

All the Non Promoter shareholders would be evicted.

The rate set is around Rs. 3400 per share. This has been worked out by Valuers appointed and paid by Macrofil Investments.

The realistic rate should be Rs. 10,000 + ( for Rs.10 share ).



also , please read


Share Activism is a step in the Right Direction. There is , always , a threat of oppression by the Majority shareholders ( Promoters )on Minority ( Public ) shareholders.


old posts

October 13, 2017

Minority Shareholders' Activism- Zindabad- Fight Against Oppression

please click



Blog's old posts

Till date, the most powerful tool in the hands of minority shareholders has been bringing a suit for oppression and 

mismanagement, said Suhail Nathani, managing partner, Economic Law Practice. "Under the 2013 Companies Act, 

Section 245, over 100 shareholders can also file a class action suit but its application and enforcement is still nascent," 
he said. 

Read more at:


old posts

December 08, 2010

Asset Laden Holding / Investment Companies- Promoters Uninterested in True Value Unlocking

Promoters initially  invite public investment by selling shares in their holding companies . These holding companies promote new companies  Over a period of time their promoted  ventures succeed and the original investment made by the holding company multiplies many times over in value .

 Now , instead of genuinely sharing the wealth with all the stakeholders  , non promoter minority share holders of original holding companies are  treated by Promoters  as UNWANTED , like poor relatives at a rich cousin's marriage party.

for more , please click


September 05, 2017

Justice Demanded by Small Investors From Asset Laden Investment Holding Companies - ET Link

please click the link





( Josh Malihabadi )

Saadda Haq , Ethey Rakh


General Warning : Investment in Shares Can be Injurious to Your  WEALTH 

Caution :The blog writer has personal/ family members' holdings in this company , so please make suitable "provisions " for likely over optimism

( NB : All information given in good faith. Please recheck all facts. No responsibility taken by this author / blog 

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