yes it is very good case of promoters mis using their board of directors who are normaly friendly with promoters. also pl note that ICICI sec has recmmended this company`shares for buying. what kind of analyt and what kind of corpo. government we have in india? it is always safe to invest in company having a history of good government and investor friendly mindset....

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Iam not sure.............to take the stock at 35 with a 3 year lock in period is risky,anyhow it does also show their confidence.I would take the stock now at 42 without lock in period. Anyhow in another 60 seconds the promoter is coming on CNBC-TV. Lets see what he says..........

i fully agree with the view of karan patni today is the egm for approvel of prefferential warrant the matter should be deffered and promotors should refix the price of prefferential warrant keeping in mind the current nav/book value of man industries shares which is approx rs 70 per share allotment of warrant at price of rs 35 to promotors will be treated as total unjustice and wrong doing to general public shareholders of man industries...

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I too thought of same fact. But even for warrants allocation news, the volume surged to make 10% gain in price. Funny investors around....

not understandable how abc india while declaring their financial results of 3rd quarter ended 31.12.2008 made note under seriol 5 that there was no investor complaint pending for redressal at the end of the quarter when i have made so many qeries to abc india from 4.9.2008 to 31.1.2009 but no reply has been received even sebi and registrar of company also sent letters to abc india in respect to my queries but inspite of that there is no response i dont understand that how chairman abc india and company secretary can make and sign such note while declaring their financial results i have again to write that i have sent one fresh reminder 4 pages letter dated 20.1.2009 to company secretary of abc india and written him to give detailed point to point reply and asked to call for fresh shareholders meet in which management should give reply as in last agm held on 4.9.2008 both chairman and managing director of abc india have not attended their own company agm i have again to write to management that total transparency to be maintained to shareholders why no proper reply is being given to shareholders why they are hesitant to give response it should be total responsibility of independent directors of abc india also to go through shareholders grievances seriously i doubt whether company secretary of abc india showing such letters to independent directors kishore patni...

i have gone through the financial results of man industries as on 30.9.2009 while declaring the results no communication has been given that promotors have been alloted 25 lacs warrant at price of rs 35 per share which they approved in their egm held on 19.6.2009 so whether bse /sebi have given final approvel or not company should make official announcement to shareholders
i am also shareholder of one company name ABC INDIA LTD a TCI GROUP OF INDUSTRIES the promotors of abc india ltd also approved prefferential warrant allotment to promotors in their agm held on 24.8.2009 but it is understood that till date bse have not given their approvel

it is understood that sebi recently have changed the procedure/rules of allotment of prefferential warrants to promotors and due to that lots of approvel have been kept pending in bse man industries should clarify the latest status

i have earlier intimated that book value of man industries shares are more than rs 75 per share so how promotors can be alloted prefferntial warrant at price of just rs 35 per share is it not injustice to various minority public shareholders of man industries

if promotors really want to increse their stake the company should buy back their shares from open market through stock exchanges ...

add super tannery ltd at price of rs 7 per share cum bonus which is already approved in agm dated 30.9.2009
record date of bonus shares will be announced any time
super tannery is main competetor of bata india in industrial leather safety shoes state bank of india indias largest banker have sanctioned secured loan of rs 75 crores to super tannery whereas the total market cap of super tannery shares are just rs 20 to 25 crores compare to market cap of bata india which is above 1000 crores
super tannery showing total income of rs 235 crores whereas its market cap is just 25 crores
bata india showing total income of rs 983 crores whereas its market cap is above 1000 crores
due to above datas credentials of super tannery state bank of india have sanctioned secured loan of rs 75 crores to super tannery whereas total market cap of their shares are just below rs 25 crores
from the above it is proved that super tannery is very much undervalued stock compare to bata india ...

buy super tannery ltd at price of rs 7 which is available cum bonus already approved in agm held on 30.9.2009 record date of bonus shares may be announced any time
state bank of india indias largest banker have sanctioned secured loan of rs 75 crores to super tannery whereas total market cap of super tannery shares as on date is just 25 crores only which clearly indicate super tannery is very much undervalued stock
i am shareholder of both man industries and super tannery ltd since last two years
but heavily looser in man industries but quiet comfortable in investment of super tannery shares
i have again to write that it was totally wrong decesion of promotors of man industries to allot themselves 25 lacs prefferential warrant /shares at just price of rs 35 per share when book value of man industries is above rs 70 per share
i am holding 3000 shares of man industries as per my view promotors of man industries would have further increased their stake in their company either through issue of right share at face value of rs 5 per share or would have gone for free bonus shares to their shareholders from the reserves of the company
i have gone through the latest annual report of man industries the project of USA has already been scrapped for which they raise money through FCCB amounting rs 203 crores during last financial year as on 31.3.2008 the above bonds may be redeemed at any time on or after 22nd may 2010 the initial conversion price of above bond was earlier fixed at price of rs 143.50 per share later on it was refixed at price of rs 115 per share on 3rd may 2008 which has now been further reset at price of rs 109 on 3rd may 2009

since the current price is just quoting at rs 52 per share what new price will be reset by management further the yearly low prices of man industries is just rs 20 per share

so what will happen to company when they have to return rs 203 crores to FCCB holders including interest in future

so all above factors should be taken care of by investors /shareholders of man industries

if any one give comments in respect to above points shall be highly appriciated

karan patni...

holding 3000 shares of man industries for last two years
in january 2008 shares of man industries were quoting at price of rs 178 which fell down to rs 20 and now quoting at price of rs 52 recently promotors of man industries alloted them selves 25 lacs warrant at price of just rs 35 which is to be finally converted in to equity
there is agm to be held for year 2009 within this month but till date no annual report of the company has been received by me i have sent one mail to company secretary last week in above respect but there is no response which is not at all appriciated
but however through this message board i would like to ask following question to promotors of man industries

1 why promotors were so much involved in their own script for purchasing and selling their own shares in bse and nse from peak high price of rs 180 in january 2008 and peak low price of rs 20 in march 2009

2 the book value of man industries is above rs 70 per share why promotors of man industries alloted themselves warrant at price of just rs 35 per share it would have been better for we general public shareholders that man industries should have gone for right issue to shareholders at face value of rs 5 per share
or promotors would have buy back their shares from open market considering peak high price of rs 180 per share and book balue of rs 70 per share

3 what about proposal of buy back of fccb there is no official communication in bse website in last annual report there was mention that fccb may be converted in to equity at price of rs 142 per share but considering current market rate of just rs 52 no one will agree for conversion at price of rs 142 so whether man industries will be able to pay back amount to fccb holders in due time
so latest position of fccb should be intimated to we general public shareholders

i again request also to management and particularly to company secretary through this message board to immidiately forward me the annual report of 2008-09

karan patni...

it is better to buy shares of super tannery ltd at price of rs 7 per share having book value more than rs 13 per share which is available cum bonus at ratio 1:2 record date of bonus shares will be fixed after agm on 30.9.2009 for further details see various messages on super tannery message board
super tannery is a company financed by state bank of india who have provided secured loan of rs 65 crores to super tannery against mortgaging of super tannery assets of rs 100 to 130 crores the total market cap of super tannery is just above 20 crores only which is showing total sales income of more than rs 235 crores against equity of just 7.20 crores and showing gross profit of more than rs 16 crores annually
so as per my view it is better to invest in shares of super tannery cum bonus than man industries
i am also shareholder of man industries for last two years but suffering huge capital loss i am thankfull to you that you are giving price target of man inustries of rs 120 in near term so let us see when your forcast become true
i am also shareholder of super tannery for last two years super tannery in year 2008 also awarded bonus shares to their shareholders in ratio 1:1 and now again recommended fresh bonus shares at ratio 1:2
after awarding fresh bonus shares super tannery planning to list their shares in NSE also which will further boost shareholders value to great extent in near term...

issuing of warrant to be converted at just price of rs 35 per share to promotors is totally wrong doing and injustice to minority public shareholders by management of man industries
promotors are aware that book value of man industries shares are rs 70 approx so how they can allot themselves warrant at rs 35 which is 100% discount of their existing book value
i still dont understand why major public shareholders like mutual funds fiis and domestic financial institutions are not objecting strongly...

today i have received the copy of notice of man industries regarding egm for prefferential warrant to promotors at price of rs 35
i strongly oppose this move of promotors the present book value of man industries shares are rs 70 approx so how promotors can issue themselves prefferential warrant at almost 100% discount this is not at all appriciated the warrant issue price should be revised
i request all the major public shareholders of man indusries like mutual funds fiis and financial institutions to strongly oppose this resolution of promotors

karan patni...