Pre 1947 Shares- Joint Listings in Pakistan India Wanted

When British India got divided in 1947 in to India and Pakistan  many shareholders became citizens of one country and were holding shares of a Company which came under the other country.

After 1965 , share holdings of such unlucky shareholders were transferred to both countries Government Departments named , very perniciously  " CUSTODIAN OF ENEMY PROPERTIES ".

Well , circumstances have changed. No body gains by remaining in an ENEMY Mode . Only some Promoters , by most ingenious processes , have given themselves extra gains ( at the expense on genuine holders who are , now , in Pakistan or Bangla Desh )

Of the Pre1947 Joint Stock Companies let there be Common Listings in both India and Pakistan

For a case study please consider the moves under taken by a Pre 1947 Indian Company Binani Metals Limited :-

Binani Metals -Why Face Value Reverse Split to Rs.1000 ??

The recent consolidation ( Reverse split ) by Binani Metals Limited to the unprecedented Rs. 1000 Face Value per share is one of the most interesting and intriguing Indian corporate actions  vis-a-vis small shareholders. No other Listed company in India has a face value of Rs.1000.

Binani Metals Limited ( along with its many amalgamating companies like Metal Distributors Limited ) is more than 70 years old company .So it had many dormant ( dead share holders and Custodian of Enemy Property ) shareholders.

All those share holders holding below 10 or in not multiple of 10 were reduced to holders of fractional shares when Binani Metals Limited  decided to consolidate the face value ( from Rs. 100 to Rs. 1000 ) .These share holders were compulsorily paid pro rata  @ Rs. 450 for Rs. 100 face value " fraction " ( This was a mere fraction of the True Value and the Share was and still is Illiquid . No Trading in the only Regional Exchange  Calcutta Stock Exchange - since 1992 )  .

The interesting topic for further research and study is what became of the dormant and Custodian of Enemy Property share accounts. There shares were compulsorily sold . But what became of such unclaimed  Payment Warrants.

Probably they are still unpaid and that money is  with the Company !!!

http://www.rareindianshares.info/2011/04/morality-corruption-blog-writers.html

http://rareindianshares.blogspot.com/2009/06/binani-metals-limited.html
 http://www.rareindianshares.info/2011/01/custodian-of-enemy-property-pakistan.html
http://www.sify.com/news/Office-of-custodian-of-enemy-property-hotbed-of-corruption-news-National-kkxqahdibhe.html

http://www.sebi.gov.in/dp/binani.pdf

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Also . please read :-

Custodian of Enemy Property -Wipro Shares ( worth Rs. 750 crore ) Case

Please Click :-

http://articles.timesofindia.indiatimes.com/2011-07-14/mumbai/29772360_1_enemy-property-bonus-shares-citizen

==========================================================================

Please , also , read :-

http://www.rareindianshares.info/2012/01/delisted-pakistan-shares.html

http://commerce.nic.in/epactdet.htm 

Binani Metals -Why Face Value Reverse Split to Rs.1000 ??

The recent consolidation ( Reverse split ) by Binani Metals Limited to the unprecedented Rs. 1000 Face Value per share is one of the most interesting and intriguing Indian corporate actions  vis-a-vis small shareholders. No other Listed company in India has a face value of Rs.1000.

Binani Metals Limited ( along with its many amalgamating companies like Metal Distributors Limited ) is more than 70 years old company .So it had many dormant ( dead share holders and Custodian of Enemy Property ) shareholders.

All those share holders holding below 10 or in not multiple of 10 were reduced to holders of fractional shares when Binani Metals Limited  decided to consolidate the face value ( from Rs. 100 to Rs. 1000 ) .These share holders were compulsorily paid pro rata  @ Rs. 450 for Rs. 100 face value " fraction " ( This was a mere fraction of the True Value and the Share was and still is Illiquid . No Trading in the only Regional Exchange  Calcutta Stock Exchange - since 1992 )  .

The interesting topic for further research and study is what became of the dormant and Custodian of Enemy Property share accounts. There shares were compulsorily sold . But what became of such unclaimed  Payment Warrants.

Probably they are still unpaid and that money is  with the Company !!!

http://www.rareindianshares.info/2011/04/morality-corruption-blog-writers.html

http://rareindianshares.blogspot.com/2009/06/binani-metals-limited.html
 http://www.rareindianshares.info/2011/01/custodian-of-enemy-property-pakistan.html
http://www.sify.com/news/Office-of-custodian-of-enemy-property-hotbed-of-corruption-news-National-kkxqahdibhe.html

http://www.sebi.gov.in/dp/binani.pdf

http://commerce.nic.in/epactdet.htm

http://www.rareindianshares.info/2012/09/rate-89-paise-per-share-transfer-of-48.html

http://www.rareindianshares.info/2013/04/nirma-drops-move-to-consolidate-face.html



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http://www.rareindianshares.info/2016/01/binani-cements-massive-debt-banks-sell.html

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 vested interest .

( PS : All information given in good faith. Please recheck all facts etc. No responsibility with this author / blog. )

Custodian of Enemy Property -Wipro Shares ( worth Rs. 750 crore ) Case

Please Click :-

http://articles.timesofindia.indiatimes.com/2011-07-14/mumbai/29772360_1_enemy-property-bonus-shares-citizen

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http://www.rareindianshares.info/2011/01/custodian-of-enemy-property-pakistan.html

http://www.rareindianshares.info/2011/01/binani-metals-limited-why-face-value.html

http://www.sify.com/news/Office-of-custodian-of-enemy-property-hotbed-of-corruption-news-National-kkxqahdibhe.html

http://commerce.nic.in/epactdet.htm

http://www.rareindianshares.info/2012/09/rate-89-paise-per-share-transfer-of-48.html

http://economictimes.indiatimes.com/personal-finance/savings-centre/analysis/small-equity-investor-how-to-safeguard-your-interests/articleshow/21742266.cms?curpg=3

1947-Mahindra and Mohammad Became Mahindra and Mahindra

The famous Indian auto company Mahindra and Mahindra was originally named Mahindra and Mohammad.

In 1947 , partner Mohammad chose to migrate to Pakistan ( to become the Finance Minister ).and the company had to be renamed.

======

OLD POST

" Custodian of Enemy Property " ( Pakistan ) Shareholders of Indian Companies
After the division of the country many share holders became citizens of Pakistan.After 1965 the share holdings of Pakistan based share holders were " frozen " and a Government department " Custodian of Enemy Properties " was created to handle these shareholdings .

http://commerce.nic.in/epactdet.htm

Some of the Pre 1947 companies :-

WIPRO ( then known as Western India Products Limited )
Tata Steel ( Tata Iron and Steel Co. Ltd or TISCO )
Binani Metal Limited of Braj Binani Group ( Earlier Multimetal etc ) Holding Company of Binani Industries Binani Zinc etc
PNB Finance And Industries Limited ( then The Punjab National Bank Limited )
Bharat Nidhi Limited ( then Bharat Bank Limited )
Sukhjit Starch And Chemicals Ltd . ( Phagwara )

and many more.

There is no useful purpose being served to keep these shares " frozen ". ( Only the promoters stand to gain with no benefit to common investors ).

http://rareindianshares.blogspot.com/search…
http://www.sify.com/…/Office-of-custodian-of-enemy-property…

The descendants of original holders in Pakistan should be allowed to trade in these shares. For this purpose a branch office of BSE / NSE should be opened in Pakistan or a neutral country like Dubai.

http://articles.timesofindia.indiatimes.com/…/29772360_1_en…

( We feel very proud to recount that after partition , Prime Minister Liaqat Ali Khan of newly created Pakistan had invited MH Premji father of Azim Premji ( of WIPRO ) to come to Pakistan where he was offered the post of Finance Minister of Pakistan . Well ,the senior Premji refused saying that he would not leave his Motherland India )

http://churumuri.wordpress.com/…/when-azim-premjis-father-…/

" Custodian of Enemy Property " ( Pakistan ) Shareholders of Indian Companies

After the division of the country many share holders became citizens of Pakistan. After 1965 the share holdings of Pakistan based share holders were " frozen " and a Government department " Custodian of Enemy Properties " was created to handle these shareholdings .

http://commerce.nic.in/epactdet.htm

Some of the Pre 1947 companies :-

WIPRO ( then known as Western India Products Limited )
Tata Steel ( Tata Iron and Steel Co. Ltd or TISCO )
Binani Metal Limited of Braj Binani Group ( Earlier Multimetal etc ) Holding Company of Binani Industries Binani Zinc etc
PNB Finance And Industries Limited ( then The Punjab National Bank Limited )
Bharat Nidhi Limited ( then Bharat Bank Limited )
Sukhjit Starch And Chemicals  Ltd . ( Phagwara )

and many more.

There is no useful purpose being served to keep these shares " frozen ". ( Only the promoters stand to gain with no benefit to common investors  ).

http://rareindianshares.blogspot.com/search?q=binani+metal+why+split
http://www.sify.com/news/Office-of-custodian-of-enemy-property-hotbed-of-corruption-news-National-kkxqahdibhe.html

The descendants of original holders in Pakistan should be allowed to trade in these shares. For this purpose a branch office of BSE /  NSE should be opened in Pakistan or a neutral country like Dubai.

http://articles.timesofindia.indiatimes.com/2011-07-14/mumbai/29772360_1_enemy-property-bonus-shares-citizenhttp://articles.timesofindia.indiatimes.com/2011-07-14/mumbai/29772360_1_enemy-property-bonus-shares-citizen

( We feel very proud to recount that after partition , Prime Minister Liaqat Ali Khan of newly created Pakistan had invited MH Premji father of Azim Premji ( of WIPRO ) to come to Pakistan where he was offered the post of Finance Minister of Pakistan . Well ,the senior Premji refused saying that he would not leave his Motherland India  )

http://churumuri.wordpress.com/2009/07/20/when-azim-premjis-father-said-no-and-no-again/

We Do Not Need Some One Else's Wealth

https://economictimes.indiatimes.com/news/economy/policy/arun-jaitleys-budget-could-get-a-helping-hand-from-pakistan-and-china/articleshow/62518956.cms

.

--------------------------

" Custodian of Enemy Property " ( Pakistan ) Shareholders of Indian Companies
After the division of the country many share holders became citizens of Pakistan. After 1965 the share holdings of Pakistan based share holders were " frozen " and a Government department " Custodian of Enemy Properties " was created to handle these shareholdings .

http://commerce.nic.in/epactdet.htm

---------------------------------------------------

Some of the Pre 1947 companies :-

WIPRO ( then known as Western India Products Limited )

Tata Steel ( Tata Iron and Steel Co. Ltd or TISCO )

Binani Metal Limited of Braj Binani Group ( Earlier Multimetal etc ) Holding Company of Binani Industries Binani Zinc etc

PNB Finance And Industries Limited ( then The Punjab National Bank Limited )

Bharat Nidhi Limited ( then Bharat Bank Limited )

Sukhjit Starch And Chemicals Ltd . ( Phagwara )

and many more.

---------------------------------------------------------------

There is no useful purpose being served to keep these shares " frozen ". ( Only the promoters stand to gain with no benefit to common investors ).

http://rareindianshares.blogspot.com/search…
http://www.sify.com/…/Office-of-custodian-of-enemy-property…

The descendants of original holders in Pakistan should be allowed to trade in these shares. For this purpose a branch office of BSE / NSE should be opened in Pakistan or a neutral country like Dubai.

http://articles.timesofindia.indiatimes.com/…/29772360_1_en…

( We feel very proud to recount that after partition , Prime Minister Liaqat Ali Khan of newly created Pakistan had invited MH Premji father of Azim Premji ( of WIPRO ) to come to Pakistan where he was offered the post of Finance Minister of Pakistan . Well ,the senior Premji refused saying that he would not leave his Motherland India )

http://churumuri.wordpress.com/2009/07/20/when-azim-premjis-father-said-no-and-no-again/

moneycontrol.com Question : Should SEBI Regulate Unlisted Companies ?

Today 's Question on the popular moneycontrol.com message  site is " Should SEBI Regulate Unlisted Companies ? '

Our Answer  (user -akaj88 at M3 )

SEBI should be the Regulatory Body for unlisted companies. Otherwise , investors of unlisted companies would be exploited by all. Even Custodian of Enemy Property ( Pakistan ) shares should be regulated by SEBI

http://www.rareindianshares.info/search?q=custodian+enemy

http://commerce.nic.in/epactdet.htm

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Investors may visit  site moneycontrol.com and give their opinions on SEBI and Unlisted Shares .

Enemy Properties Bill - Regressive

http://timesofindia.indiatimes.com/india/government-pushes-through-enemy-property-bill-in-rajya-sabha/articleshow/57584512.cms

This is a regressive move ( China is the main enemy )

=======================
Pre 1947 Shares- Joint Listings in Pakistan India Wanted

When British India got divided in 1947 in to India and Pakistan many shareholders became citizens of one country and were holding shares of a Company which came under the other country.

After 1965 , share holdings of such unlucky shareholders were transferred to both countries Government Departments named , very perniciously " CUSTODIAN OF ENEMY PROPERTIES ".

Well , circumstances have changed. No body gains by remaining in an ENEMY Mode . Only some Promoters , by most ingenious processes , have given themselves extra gains ( at the expense on genuine holders who are , now , in Pakistan or Bangla Desh )

Of the Pre1947 Joint Stock Companies let there be Common Listings in both India and Pakistan

============

The Bill will only benefit unscrupulous Promoters with some shareholders in Pakistan and corrupt officials 

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.

1 ) Majority stake in these Holding companies is always with the Promoters. So they are able to get all Resolutions passed . There are no Institutional holdings ( domestic or Foreign ). So  level of transparency in these companies is not at the same level as widely held companies.It suits the promoters to keep these companies in low profile and keep its true worth hidden.. Non promoter share holders suffer.

2 ) Over a period of time many share holders ' folios become dormant due to death of original shareholders and court cases .

3 ) In many pre 1947 incorporated companies many share holders migrated to Pakistan . Such folios ( Custodian of Enemy properties ) also are dormant .

4 ) Either these companies are  not listed or these are kept only NOTIONALLY listed in Regional Stock Exchanges. Such listings are of not much use to the non promoter  share holders.

5  ) Despite massive EPS these investment companies either skip dividends or declare  woefully low dividends. Such moves keep the company in low profile and the share rate ( if any ) artificially low. Such practices hurt non promoter share holders' interests .

6 ) Despite bulging Reserves Bonus Shares or Splits are not done.  (Very surprisingly , Binani Metals Limited , a Listed Company , has done a Reverse Split to unprecedented Rs. 1000/-.)

 7 ) Many such investment companies avoid sending Annual Reports to Non Promoter share holders.

8 ) Some such companies shift their Registered Offices to obscure places and hold meetings at venues which are difficult to reach. Many a time only  company officials ( with Proxies ) are in attendance  to see the proceedings through.

Investors ( non promoter ) of such investment companies should demand from the Government and SEBI to devise special Rules and Regulations for these companies

1 ) Such investment holding companies should compulsorily be listed in BSE / NSE. ( to improve liquidity ).

2 ) Face value should be split ( to improve liquidity )


 3 ) Meaningful quantum of dividends should be declared . ( Minimum 25 % of the Financial Year's EPS should be declared as Dividend  percentage )

Some Investment Holding Companies.


FARM ENTERPRISES LIMITED ( Reliance Enterprises Limited )

Mukesh Ambani Group ; Promoters' Shares in Reliance Industries Limited ; Not Listed , Massive EPS - No Dividend . AGM not in auditorium  ; Very few non company share holders attend AGM .Conversion of Equity Shares   to Preference shares) etc etc. Rate in unofficial market around Rs, 600 ( True Value may be in  thousands  ) .

There should be listing in the NSE .

http://www.rareindianshares.info/2009/12/farm-enterprises-limited.html


PNB FINANCE AND INDUSTRIES LIMITED
BHARAT NIDHI LIMITED
CAMAC COMMERCIAL

Belong to Samir Jain of Bennett Coleman And Company ( Times of India Group ). These companies hold promoters ' shares in Bennett Coleman And Company Limited .

Example : PNB Finance And Industries Limited ( Equity Rs. around 3 cr , Face value Rs. 10 ) holds , on consolidated basis , around 58 lakh shares of Bennett Coleman And Company Limited . This effectively translates into around 2 shares of Bennett Coleman And Company Limited for every one share of PNB Finance And Industries Ltd. Value of one share of Bennett Coleman And Co. has been worked out by some analysts to be very very High.

But share of PNB Finance And Industries Limited ( Face Value Rs. 10 ) is being traded unofficially Rs. 4500 - Rs.5000 which is a mere fraction of its true value. Although the EPS for the financial year ended was around Rs. 79  /- ,  dividend paid was only 6 % (  a return of 60 paise on an investment of nearly Rs. 5000 ).
( In the unofficial trades ,share price of Bharat Nidhi is around  25 % higher than that of PNB Finance And Industries Limited .Rate of Camac Commercial could be higher than Bharat Nidhi Limited )( There are , presently ,only buyers of PNB Finance and Bharat Nidhi shares and practically no seller )

No official trading in CSE .

DSE is closed.

There should be listing in NSE.

Shares should be split in to Re. 1 each .

 http://www.rareindianshares.info/2009/06/pnb-finance-industries-limited.html

http://www.rareindianshares.info/2010/09/bennett-coleman-and-company-limited.html


NBI INDUSTRIAL FINANCE LIMITED

BG Bangur group's holding company. Holds promoters shares in Shree Cement Limited ( reportedly around 8 : 5 Lakh ). No trading of NBI Industrial  ,: No dividend . Many complaints of non receipt of Annual Reports.

http://www.rareindianshares.info/search?q=new+bank+of+india

Digvijay Finlease Limited

http://www.rareindianshares.info/2015/06/digvijay-finlease-limited-great-hidden.html

BINANI METALS LIMITED

Holding company of Braj Binani group Holding very valuable shares of Binani Industries Limited and Binani Zinc Limited . 3 : 1 Rights Issue made for a Real Estate project which was later dropped . Promoters increase their holding.  Some times increasing share capital ( Rights Issue ). Some times decreasing Share Capital  ( Share buy backs ).

FACE VALUE INCREASED TO UNPRECEDENTED Rs. 1000 ( No other Listed company in India has a Face Value of Rs. 1000 ). Many share holders became holders of fractional shares . Their ( including many dormant folios  ) shares compulsorily sold   at fraction of the true value. Share value should have been split to Re. One.Now , valuable holdings being transferred to a private limited company i.e. Dharmik Commondeal Private Limited not at true value but at book value .

http://www.rareindianshares.info/2012/09/rate-89-paise-per-share-transfer-of-48.html

http://www.rareindianshares.info/2009/06/binani-metals-limited.html
http://www.rareindianshares.info/2011/01/binani-metals-limited-why-face-value.html
http://www.sebi.gov.in/dp/binani.pdf
 http://www.rareindianshares.info/2012/09/treat-non-promoter-monority-share.html


OSCAR INVESTMENTS LIMITED

Of  Religare / Fortis group. Made a fortune by selling Ranbaxy shares. Although listed in BSE ( actively traded ) but no dividend

http://www.rareindianshares.info/2010/09/oscar-investments-limited.html

BHARTI TELECOM LIMITED

On a capital base of around Rs. 21 crore , Bharti Telecom holds around 172 crore shares of Bharti Airtel ( worth around Rs. 53 ,000 crore ). For the financial year 2009 -10 , Bharti Telecom received dividend income of Rs.173 crore which was utilised to buy a further 55 lakh shares of Bharti Airtel . But no Dividend for the share holders of Bharti Telecom Limited

http://www.rareindianshares.info/2011/02/bharti-telecom-limited.html


NALWA SONS INVESTMENT

http://www.rareindianshares.info/2010/12/nalwa-sons-investments-limited-jindal.html 


CHEMINVEST LIMITED
http://www.rareindianshares.info/2011/09/cheminvest-limited-annual-report-2010.html 
http://www.rareindianshares.info/2011/07/cheminvest-limited.html

WILLIAMSON FINANCIAL

Summit Securities

Kalyani Investment Company

Balmer Lawrie Investment

Placid Limited


SIL INVESTMENTS LIMITED ( SUTLEJ COTTON MILLS )

http://www.rareindianshares.info/search?q=sil 

Macrofil Investments Limited

Holding company of Nusli Wadia group ( i.e. Bombay Dyeing group ).

http://www.rareindianshares.info/2009/06/macrofil-investments-limited.html

Yamuna Syndicate Limited

Holding Company of  Isgec Heavy Engineering ( Saraswati Industrial Syndicate ) of Ranjit Puri Group

http://www.rareindianshares.info/search?q=yamuna+syndicate+limited


Digvijay Finlease Limited

Holding Company of B.G. Bangur Group

http://www.rareindianshares.info/2015/06/digvijay-finlease-limited-great-hidden.html



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please , also , read 

http://www.rareindianshares.info/2017/09/activist-shareholders-should-join-board.html

September 05, 2017

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

http://www.rareindianshares.info/2017/09/justice-demanded-by-small-investors.html

---------------------

September 18, 2017

Holding Co Vs Subsidiary Co For Investment- ET Link

please click

http://economictimes.indiatimes.com/wealth/invest/should-you-invest-in-holding-company-or-its-subsidiaries/articleshow/60708163.cms

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On the other hand  there are some progressive and pro- investor investment companies ( whose example all investment companies should follow ).



Like


Bajaj Holding And Investment Limited
Tata Investment Corporation Limited
-------------------------------------------

http://economictimes.indiatimes.com/personal-finance/savings-centre/analysis/small-equity-investor-how-to-safeguard-your-interests/articleshow/21742266.cms?curpg=3
-----------------------------------------------------------------------------------
Macrofil Investments ,Digvijay Finlease , NBI Industrial Finance and other Unlisted Promoters' Holding Companies should follow the examples of

1 ) Max India Promoters are paying a fair price of Rs.94 for every share ( Re. 1 paid up ) of their Unlisted Holding Company - Cheminvest Limited.

http://www.rareindianshares.info/2016/06/unlisted-max-india-promoter-companies.html

2 ) Reliance Industries Promoters gave 1 share of Reliance Industries for every 1 share of their Unlisted Holding Company - Farm Enterprises Limited ( earlier  Reliance Enterprises ) 

http://www.rareindianshares.info/2015/12/farm-enterprises-shareholders-get-new.html

-------------------------

HUM MEHNAT KASH ISS DUNIYA SE
JAB APNA HISSA MANGEY GEY
IK BAGH NAHI; IKK KHET NAHIN
HUM SAARI DUNIYA MANGEY GEY
( Josh Malihabadi )
___________________________________________________________________________________--

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

Disclosure : We have  family holdings in many of the Companies mentioned above

Disclaimer : All comments / facts stated purely in good faith to further the interests of fellow public investors. Please recheck every fact.
NO responsibility with this blog / writer

WIPRO -Demerger- Exercise Option Letter Receipt - Last Day 09-05-2013

http://www.wipro.com/Documents/investors/pdf-files/Election_and_Exchange_notice.pdf

Record Day For Determining eligible WIPRO Shareholders : 11-04-13.

Last Day by which Form of Acceptance Must Reach RTA ( KARVY ) :- 09-05-13

( Form must NOT be Sent to the Company )

OPTIONS AVAILABLE TO WIPRO SHAREHOLDERS :-

1 ) Option 1 - Receive 1 Equity ( Rs. 10 Paid ) share of Resulting Co. Wipro Enterprises Limited for every 5 shares ( Rs. 2 Paid ) of WIPRO.Wipro Enterprises would remain UNLISTED ( Please recheck this fact ) 

2 ) Option No. 2 Receive 1 -7% Redeemable ( in 12 months ) Preference Share ( RPS ) for every 5 Equity Shares of WIPRO.

3 ) Option No. 3 - Receive One Equity Share of face value of Rs.2 each of Wipro in exchange for every 1.65 Resulting Company ( Wipro Enterprises Limited ) Equity Share that such Shareholder shall be otherwise entitled to under option (i).
In other words, if one goes for option 3, they would receive approx. 1 share of the listed Wipro for every 8 shares of Wipro held

IMPORTANT : DEFAULT OPTION ( If Shareholders do not Respond ) is OPTION 3  

Please do your Self Study and take your Independent Decision :-

http://www.moneylife.in/article/wipro-demerger-what-is-the-best-option-for-the-shareholders/32368.html

http://profit.ndtv.com/news/market/article-wipro-falls-12-on-demerger-of-it-business-320646

http://articles.economictimes.indiatimes.com/2012-11-09/news/35014348_1_demerger-scheme-equity-shares-redeemable-preference

http://www.smartinvestor.in/mf/mfNewsFeature-mfnews-169805-Web_Special_Demerger_will_establish_Wipro_as_a_pure_play_IT_company.htm

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Blog Disclaimer : Please Recheck ALL Information / Facts. No Responsibility

On Personal level Blog Writer is going in for Option No. 1 . After all there is rareindianshares.com and Share Dealers to trade in UNLISTED Shares  

----------------------------------------------------------------------------------------------
Must Read :-

http://churumuri.wordpress.com/2009/07/20/when-azim-premjis-father-said-no-and-no-again/

May Read 

http://www.rareindianshares.info/2011/07/custodian-of-enemy-properties-wipro.html

http://www.rareindianshares.info/2012/01/pre-1947-companies-wanted-joint-listing.html

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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 . )

Corruption is Also in Indian Corporate Sector

Please read this Firstpost article :-

http://www.firstpost.com/business/not-only-netas-and-babus-pvt-sector-is-new-fountain-head-of-corruption-821165.html#disqus_thread

For UN Report , please click ( Page No. 15 )

http://www.unodc.org/documents/southasia//publications/research-studies/CI_Report.pdf  ---------------------------------------------------------------------------------------------------------------

BLOG

Asset Laden 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 as UNWANTED , like sort of poor relatives at a rich cousin's marriage party.

1 ) Majority stake in these Holding companies is always with the Promoters. So they are able to get all Resolutions passed . There are no Institutional holdings ( domestic or Foreign ). So  level of transparency in these companies is not at the same level as widely held companies.It suits the promoters to keep these companies in low profile and keep its true worth hidden.. Non promoter share holders suffer.

2 ) Over a period of time many share holders ' folios become dormant due to death of original shareholders and court cases .

3 ) In many pre 1947 incorporated companies many share holders migrated to Pakistan . Such folios ( Custodian of Enemy properties ) also are dormant . 

4 ) Either these companies are  not listed or these are kept only NOTIONALLY listed in Regional Stock Exchanges. Such listings are of not much use to the non promoter  share holders.

5  ) Despite massive EPS these investment companies either skip dividends or declare  woefully low dividends. Such moves keep the company in low profile and the share rate ( if any ) artificially low. Such practices hurt non promoter share holders' interests .

6 ) Despite bulging Reserves Bonus Shares or Splits are not done.  (Very surprisingly , Binani Metals Limited has done a Reverse Split to unprecedented Rs. 1000/-.

 7 ) Many such investment companies avoid sending Annual Reports to Non Promoter share holders.

8 ) Some such companies shift their Registered Offices to obscure places and hold meetings at venues which are difficult to reach. Many a time only  company officials ( with Proxies ) are in attendance  to see the proceedings through.

Investors ( non promoter ) of such investment companies should demand from the Government and SEBI to devise special Rules and Regulations for these companies

1 ) Such investment holding companies should compulsorily be listed in BSE / NSE. ( to improve liquidity ).

2 ) Face value should be split ( to improve liquidity )


 3 ) Meaningful quantum of dividends should be declared . ( Minimum 25 % of the Financial Year's EPS should be declared as Dividend  percentage ) 

Some Investment Holding Companies.

FARM ENTERPRISES LIMITED ( Reliance Enterprises Limited )

Mukesh Ambani Group ; Promoters' Shares in Reliance Industries Limited ; Not Listed , Massive EPS - No Dividend . AGM not in auditorium  ; Very few non company share holders attend AGM .Conversion of Equity Shares   to Preference shares) etc etc. Rate in unofficial market around Rs, 600 ( True Value may be in  thousands  ) .

There should be listing in the NSE .

http://www.rareindianshares.info/2009/12/farm-enterprises-limited.html

PNB FINANCE AND INDUSTRIES LIMITED
BHARAT NIDHI LIMITED
CAMAC COMMERCIAL

Belong to Samir Jain of Bennett Coleman And Company ( Times of India Group ). These companies hold promoters ' shares in Bennett Coleman And Company Limited .

Example : PNB Finance And Industries Limited ( Equity Rs. around 3 cr , Face value Rs. 10 ) holds , on consolidated basis , around 58 lakh shares of Bennett Coleman And Company Limited . This effectively translates into around 2 shares of Bennett Coleman And Company Limited for every one share of PNB Finance And Industries Ltd. Value of one share of Bennett Coleman And Co. has been worked out by some analysts to be around Rs. One Lakh ( please calculate independently ).

But share of PNB Finance And Industries Limited ( Face Value Rs. 10 ) is being traded unofficially Rs. 4500 - Rs.5000 which is a mere fraction of its true value. Although the EPS for the financial year ended was around Rs. 79  /- ,  dividend paid was only 6 % (  a return of 60 paise on an investment of nearly Rs. 5000 ).
( In the unofficial trades ,share price of Bharat Nidhi is around  25 % higher than that of PNB Finance And Industries Limited .Rate of Camac Commercial could be higher than Bharat Nidhi Limited )( There are , presently ,only buyers of PNB Finance and Bharat Nidhi shares and practically no seller ) 

No official trading in CSE .
DSE is closed.

There should be listing in NSE.

Shares should be split in to Re. 1 each .

 http://www.rareindianshares.info/2009/06/pnb-finance-industries-limited.html

http://www.rareindianshares.info/2010/09/bennett-coleman-and-company-limited.html



NBI INDUSTRIAL FINANCE LIMITED

BG Bangur group's holding company. Holds promoters shares in Shree Cement Limited ( reportedly around 8 : 5 Lakh ). No trading of NBI Industrial  ,: No dividend . Many complaints of non receipt of Annual Reports.

http://www.rareindianshares.info/2009/06/nbi-industrial-finance-limited.html

BINANI METALS LIMITED

Holding company of Braj Binani group Holding very valuable shares of Binani Industries Limited and Binani Zinc Limited . 3 : 1 Rights Issue made for a Real Estate project which was later dropped . Promoters increase their holding.  Some times increasing share capital ( Rights Issue ). Some times decreasing Share Capital  ( Share buy backs ).

FACE VALUE INCREASED TO UNPRECEDENTED Rs. 1000 ( No other Listed company in India has a Face Value of Rs. 1000 ). Many share holders became holders of fractional shares . Their ( including many dormant folios  ) shares compulsorily sold   at fraction of the true value. Share value should have been split to Re. One.Now , valuable holdings being transferred to a private limited company i.e. Dharmik Commondeal Private Limited not at true value but at book value .

http://www.rareindianshares.info/2012/09/rate-89-paise-per-share-transfer-of-48.html

http://www.rareindianshares.info/2009/06/binani-metals-limited.html
http://www.rareindianshares.info/2011/01/binani-metals-limited-why-face-value.html
http://www.sebi.gov.in/dp/binani.pdf
 http://www.rareindianshares.info/2012/09/treat-non-promoter-monority-share.html


OSCAR INVESTMENTS LIMITED

Of  Religare / Fortis group. Made a fortune by selling Ranbaxy shares. Although listed in BSE ( actively traded ) but no dividend

http://www.rareindianshares.info/2010/09/oscar-investments-limited.html

BHARTI TELECOM LIMITED

On a capital base of around Rs. 21 crore , Bharti Telecom holds around 172 crore shares of Bharti Airtel ( worth around Rs. 53 ,000 crore ). For the financial year 2009 -10 , Bharti Telecom received dividend income of Rs.173 crore which was utilised to buy a further 55 lakh shares of Bharti Airtel . But no Dividend for the share holders of Bharti Telecom Limited

http://www.rareindianshares.info/2011/02/bharti-telecom-limited.html

Others  

NALWA SONS INVESTMENT

http://www.rareindianshares.info/2010/12/nalwa-sons-investments-limited-jindal.html 

CHEMINVEST LIMITED
http://www.rareindianshares.info/2011/09/cheminvest-limited-annual-report-2010.html 
http://www.rareindianshares.info/2011/07/cheminvest-limited.html 

WILLIAMSON FINANCIAL


SIL INVESTMENTS LIMITED ( SUTLEJ COTTON MILLS )

http://www.rareindianshares.info/search?q=sil 
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http://www.suchetadalal.com/?id=175202d7-a5ce-be2f-492fe1477460&base=sub_sections_content&f&t=Essar%27s+Delisted+Saga

http://www.rareindianshares.info/2013/04/nirma-drops-move-to-consolidate-face.html --------------------------------------------------------------------------------------------------------------

On the other hand  there are some progressive and pro- investor investment companies ( whose example all investment companies should follow ).

 

Like 

Bajaj Holding And Investment Limited
Tata Investment Corporation Limited

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HUM MEHNAT KASH ISS DUNIYA SE
JAB APNA HISSA MANGEY GEY
IK BAGH NAHI; IKK KHET NAHIN
HUM SAARI DUNIYA MANGEY GEY
( Josh Malihabadi )
___________________________________________________________________________________--

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

Disclosure : We have  family holdings in many of the Companies mentioned above

Disclaimer : All comments / facts stated purely in good faith to further the interests of fellow public investors. Please recheck every fact.
NO responsibility with this blog / writer

LINK:-http://www.rareindianshares.info/2010/12/asset-laden-investment-companies.html

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http://economictimes.indiatimes.com/personal-finance/savings-centre/analysis/small-equity-investor-how-to-safeguard-your-interests/articleshow/21742266.cms?curpg=3

Cadbury India Limited

We salute all those share holders of Cadbury India who are steadfastly giving their time and money in pursuing the High Court case against compulsory acquisition of shares from remaining minority share holders.

There are around 8,159 remaining non promoter shareholders who together own 2.42% stake in Cadbury India. 

We strongly feel that Government of India and SEBI should amend the laws so that Companies using their " brute majority " are not able to " compulsorily " buy out minority shareholders at what they perceive to be the " fair value " . Delisting may be OK . But a High Court Order for selective share reduction ( of Non Promoter Share holders ) is a different matter altogether.

 1 ) If a company wishes to buy back compulsorily then in the voting procedure the majority holder ( promoter ) should be debarred from voting . Only the small share holders should have the Right to vote on that particular Resolution .

2 ) As in the case of land acquisition , the Company should state valid reasons for acquisition of remaining shares ( In Cadbury 's case the remaining 2 odd  % share holders can , frankly , in no way alter  the Company 's policies.)  Only a few more Annual Reports are to be despatched and a few more chairs at the AGM .  ( Cadbury India Limited 's shares were delisted w.e.f  20-01-2003 )

3 ) There should be a soletium  ( a premium over and above the fair value to compensate for compulsory buy out ) of 50 % 

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 Cadbury India Limited feels that Rs.2000 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 

However , we  sincerely wish that Cadbury India Limited offers its remaining loyal share holders " Kuchh Meetha " and in New Year 's " Shubh Arambh " withdraws this move.
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Compulsory Back Back of Shares- Violates Fundamental Right to Equality

Regarding the move , earlier of Cadbury India Limited and , now , by Shakti Met-Dor Limited :-

Compulsory Buy Back of Shares ( selectively from minority Non promoter Share holders ) is violative  of Fundamental Right of Equality enshrined in the Constitution of India

Such a move creates two separate and unequal classes of Shareholders , i.e. Promoter Share Holders and Non Promoter Share Holders .

Please read this very informative Post :-

http://www.legalservicesindia.com/article/article/squeeze-out-of-minority-shareholders-1503-1.html

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For Shakti Met-Dor , please click :-

http://www.rareindianshares.info/2013/05/shakti-met-dor-compulsory-acquisition.html

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Nirma Compulsory Buy Back- Shareholders to Oppose Tooth And Nail

Shareholders of Nirma Limited are determined to oppose vehemently Nirma Limited 's anti small shareholder move to compulsorily buy back non promoters shares @ Rs. 225 ( Rs 5 Paid ).

AGM at Ahmedabad on 23/07/13 , 11 AM

Shareholders are writing their opposition by sending letters , Regd Post , to the Compliance Officer. Later , legal action ( like with Cadbury India and Shakti   Metdor would be undertaken )

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August 15, 2009

Macmillan Publishers India Limited

In a very surprising and complicated legal move Macmillan Publishers Limited has extinguished old Equity Shares and has given its shareholders 3 Options :-

1 ) Cash option of Rs. 69 per Share ( same rate as was offered 6 years ago !! ) 

2 )  Opt for Redeemable Preference Shares    ( RPS ).

3) Continue as Equity Shareholder of the Transferee Company  ( through Macmillan Equity Shares Trust ).( in terms of Clause 18 . 04 )
=====================================

Kindly note :-


1 ) The above Options are to be exercised within a period of 60 days from Record Date i.e. before 13 -04-2014

 2 )  The Default Option is No 1 Option i.e. cash offer of Rs.69 per Share

3 ) The Shareholder if he receives a Cheque for Cash Option can return the un encashed cheque with in 30 days and can opt for  other two options i.e. Preference Shares / Equity Shares.

3 ) RTA are Cameo Corporate Services Limited ,

      Chennai

Tel : 044 -28460390 to 28460395
email : investor@cameoindia.com

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Blog Comments : 

It seems the management is desperate to kick out its Equity shareholders at fraction of NAV of Company.

The net worth / prospects  seems to have improved greatly ( please recheck this point independently ) with the merger of wholly owned subsidiary , i.e.Frank Brothers And Company ( Publishers ) Limited with Macmillan Publishers ( India ) Limited  .

3 ) Regarding our holdings in Macmillan Publishers ( India ) Limited we have opted , on immediate basis , for the Equity Option.

4 ) No worry about Liquidity - Please Recheck independently  -( We have Rare Indian Shares site )

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http://www.suchetadalal.com/?id=175202d7-a5ce-be2f-492fe1477460&base=sub_sections_content&f&t=Essar%27s+Delisted+Saga

 http://www.business-standard.com/india/news/cadbury-raises-buyback-price/421719/

 http://www.moneycontrol.com/news/business/why-didn39t-you-give-fin-projections-to-ey-hc-asks-cadbury_562074.html

http://seekingalpha.com/news-article/1520805-cadbury-kraft-india-one-of-fastest-growing-operations-for-kraft-globally

http://rareindianshares.blogspot.com/2011/01/cadbury-quit-india.html

http://www.gauravblog.com/?p=1277

http://www.kraftfoodscompany.com/in/en/Brands/index.aspx

http://www.rareindianshares.info/2012/07/ecellent.html

http://altaisadvisors.com/blog/2012/07/08/cadbury-india/comment-page-1/#comment-1517

http://www.rareindianshares.info/2012/11/cadbury-india-or-mondelez-international.html

LINK

http://www.rareindianshares.info/2011/01/cadbury-india-limited.html

http://economictimes.indiatimes.com/personal-finance/savings-centre/analysis/small-equity-investor-how-to-safeguard-your-interests/articleshow/21742266.cms?curpg=3