Raymond promoters bid to buy residential flats owned by the company at city’s prime south Mumbai locality in their personal names at 90 percent discount to its market value is unfair corporate governance and comes as a shock. Just because the promoters have a majority stake in the company does not give them absolute right to purchase company owned assets at throwaway price and calls for action from the regulator and company law board.
Contrast this with business icons like Bill Gates, Azim Premji, Narayan Murthy, ace equity investor Rakesh Jhunjhunwala and their tribe who donates substantial amount from their fortune for the poor every year and here is an greedy promoter who wants to take a pie out of an successful company that belongs to all shareholders of which he may have majority stake. The Singhania’s are respected business group in India’s corporate circle and I request them to respect corporate governance and ethics by avoiding anything that is unfair business practice or illegal!
(The views expressed by the author in the article are his/her own.)
