Tulsian told CNBC-TV18, "I have never got convinced with Indowind Energy because if you see the behaviour or the moves made by the company. they went public in 2007 and in August 2007 they mobilize Rs 80 crore from public. Immediately after 3-4 months we have seen FCCB of Rs 135 crore. Now couple of months back we have seen GDR issue again of about Rs 80 crore."
He further added, "If you see the kind of performance the company has posted for 9 months, they have changed their accounting from ending June to ending March. They have posted a PAT of about Rs 13 crore for June ending 2010, I am not including the deferred tax of about Rs 6 crore, which has got added into the PAT. But if I take the PBT at Rs 13 crore, the current 9 months they have posted at Rs 4.5 crore. Honestly, I don't see any business model. In my view as a very weak company."
