Shipping Corporation files draft prospectus with SEBI for FPO

New Delhi: State-run Shipping Corporation of India (SCI) today said it has filed the draft prospectus with the Securities and Exchange Board of India (SEBI) for its follow-on public offer (FPO), reports PTI.

"The company has filed Draft Red Herring Prospectus (DRHP) with SEBI on 12th October 12 in connection with the follow-on public offer of the company," the Navratna firm said in a statement to the Bombay Stock Exchange (BSE).

The issue comprises a fresh issue of 42,345,365 shares by the company and an offer for sale of 42,345,365 shares by the Government of India.

At current market price, the entire issue is valued at about Rs1,500 crore.

On 5th October, the government approved selling its 10% stake in the Navratna company and allowed it to raise 10% fresh equity, paving the way for a Rs1,300 crore public issue that is likely to hit markets by December.

The proceeds from fresh equity sale will enable the company, which has cash reserve of Rs2,500 crore, to partly fund its expansion programmes, including fleet acquisition.

Sources in the shipping ministry earlier had said "The follow-on public offer may hit the market some time in December as the market conditions are favourable."

They added that company board will take a final call on the dates.

According to the decision taken by the Cabinet Committee on Economic Affairs (CCEA) on 5th October, retail investors and employees of the largest domestic shipping liner would get 5% discount on the issue price in the FPO, while the employees will also get a quota of 0.5% of share sale.

The government, which currently holds an 80.12% stake in the Navratna PSU, will sell its 10% stake in the company.

In this year's budget, finance minister Pranab Mukherjee had announced that Rs40,000 crore will be raised through the sale of shares of public sector companies.

So far, divestments in SJVNL and Engineers India Ltd have fetched over Rs2,000 crore for the government, while big ticket IPO of Coal India, which will fetch Rs15,000 crore for the government, will hit the market on 18th October.

This will be followed by public issues of SAIL, ONGC, Indian Oil Corporation, MMTC, Manganese Ore, Hindustan Copper, among others, in the coming months.

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Another letter from the former wife of SKS Microfinance’s Vikram Akula

Despite our repeated attempts, SKS Microfinance has not spoken to Moneylife. Meanwhile, in her second letter to us, Malini M Byanna has pointed to several new issues not in the public domain

Dear Sucheta Dalal,

Further to my note, (Moneylife: Please see http://moneylife.in/article/4/9924.html), I wanted to clarify that the SKS Microfinance Board of Directors and/or investors have never maintained a "dignified distance," from our messy divorce and court battles over the years and have consistently used corporate resolutions, corporate resources, and corporate staff, agents, and assigns to either initiate hostile, oppressive, and coercive legal action against me or cover up all of Vikram Akula's and his family's unethical or illegal activities to date, whether it be civil or criminal.

Indeed, SKS Microfinance's Human Resources Manager - Vikram Akula's maternal cousin whose father was a member of SKS Microfinance's Board of Directors at the time - conspired and colluded in the first child abduction of our son over Columbus Day Weekend 2001 in Chicago, Illinois along with Vikram Akula's parents, brother, and paternal aunt, all of whom flew in from the East Coast to help further the plot and plan.

Fast forward to Columbus Day Weekend 2009, Vikram Akula, along with his mother, and his Executive Assistant, pulled our son out of school on 12 October 2009, and took him to the Family Court of Hyderabad to obtain ex parte orders against me, with the knowledge, assistance, and participation of one of SKS' corporate attorneys.

Fast forward one week later to Diwali Weekend 2009, Vikram Akula, along with his Executive Assistant and Assistant Human Resources Manager fraudulently produced and obtained Jet Airways boarding passes and e-ticket itineraries in both my son's and my name for a flight we never took and for a date on which we never even approached or entered the airport and used the same to file false criminal charges against me both in India and in the US, with SKS' then Assistant Human Resources Manager receiving a promotion shortly thereafter to Human Resources Manager and presumably a substantial increase in salary, perquisites, and benefits.

It is important to note that soon after our son's abduction in Chicago, Illinois, I brought formal charges against Vikram Akula by and through the SKS Foundation Board of Directors to not only protect myself as a law student and aspiring officer of the court but to bring to the attention of the governing body all of Vikram Akula's and his family's illegal, unethical, and fiscally irresponsible methods and practices given that SKS Foundation was SKS Microfinance's funding source. The matter was investigated with certain findings made, after which every single board member resigned, and Vikram Akula's millionaire uncle along with his billionaire partner brought in their own people to serve as the new SKS Foundation Board of Directors, namely family and staff, and to protect his nephew and their investment.

It is also important to note that all documentation of said proceedings were destroyed a year later by and through corporate resolution, which I learned about when I formally requested said documentation from SKS Foundation as and for my records during the period I was completing my application to the Illinois Attorney Registration and Disciplinary Commission such that I could obtain my law license after passing (the) Bar Exam. Thankfully, I had kept copies of all material and relevant documentation. It is further important to note that Ashish Lakhanpal was one of the SKS Foundation Board members that were brought in by Vikram Akula's millionaire uncle and billionaire partners, who abruptly resigned for unknown reasons from SKS Microfinance Pvt Ltd. upon the sacking of Suresh Gurumani.

Moreover, Vikram Akula did not spend "almost every alternative week for his divorce and custody battles" in the US and, in fact, only returned as and when he had SKS business to conduct or was promoting himself at various speaking engagements through the country - roughly every alternate month and at times not returning for 6-8 weeks at a time - cancelling his visitation left and right because his primary focus and goal was to globetrot around the world and amass his fame, fortune, and coffers, all the while neglecting his one and only son.

Indeed, it was me who made all of the financial, professional, and even social sacrifices to successfully raise our son - against all odds for over 8 years - providing him with stable homes, stable schools, and a stable life that included friends, family, and a strong faith-based community with whom we maintained close relationships throughout the years only for Vikram Akula, family, and company to violently rip and tear him from his mother and from his motherland and everything he knows and loves back home, all in furtherance of SKS Microfinance Pvt Ltd's IPO.

You might ask, what is the connection? The connection is that SKS Microfinance Pvt Ltd had to disclose to SEBI (the Securities and Exchange Board of India) and to the public any and all criminal convictions and/or civil judgments entered against any and all Board of Directors and/or Corporate Officers as also any and all pending litigation, either in India or in the US, prior to the Initial Public Offering, and the best way to erase Vikram Akula's questionable past and all of the adverse rulings that were handed down against him in both the civil and criminal courts of Illinois was to abduct and illegally detain my son in India, obtain ex parte orders against me while I was out of the country, and proceed to bully, bulldoze, and bankrupt me with mentally, emotionally, psychologically, physically, financially, and even professionally draining litigation in two different countries with diametrically opposite time zones using corporate staff, resources, agents/assigns, perquisites/benefits, methods/means to debilitate me to such an extent that I would either have a nervous breakdown or voluntarily give up custody of my son.

Finally, the public needs to know that SKS Microfinance Pvt Ltd failed to fully disclose all pending litigation as against Vikram Akula in their initial Red Herring Prospectus, after which I filed a formal complaint with SEBI notifying them of all undisclosed pending litigation against Vikram Akula in India and in the US. SEBI then required that SKS Microfinance disclose the same by issuing a second public notice, but again full disclosure was not made and the second public notice was fraught with factual misrepresentations as the substantive and procedural posture of the various proceedings.

As such, I filed a second formal complaint with SEBI, but to no avail. Indeed, for all of Vikram Akula's public platforms and platitudes about strengthening women and children, providing economic and professional opportunities to families, increasing access to legal and financial resources, and exposing fraud and corruption, he has gone out of his way to silence, subjugate, and suffocate individual after individual in both his private and corporate life, with the greatest causalities being his own wife and child, who have been traumatised and terrorised for over 12 long months.

Malini M Byanna
(The Former Wife)
 

User

COMMENTS

Amit

6 years ago

What does Sonia have to say about this now? Can't she instruct Rahul to stay away from bud Vikram so that he doesn't get to use the Gandhi's protection?

Kewal

6 years ago

Shame on Vikram Akula and other MFI companies.


Shame on investors/funds like Seqoua (who is a "promoter" of the company), INFY MUrthy...who all jumped into this to make money.

Shame on the foolish funds that bought out Vikram before the IPO. Greedy guys you deserve it.

The company will now crash and burn.

sanjay jain

6 years ago

murthy sab, aap kya kahenge is baare mein?

k a prasanna

6 years ago

Read 25 reasons why one should not invest in SKS micro finance, in first choice IPO analysis blog.

apoorva

6 years ago

shame on you vikram Akula.
thank you Malini for removing the mask of this monster.
I am glad for not getting enticed by SKS micro-finance ipo, which now appears to be a parody of the real concept of Gramin bank..

pantulu

6 years ago

Dear friends,
The episode speaks volumes about dishonest people at helm in the area of finance.Earlier the so-called NBFCs cheated middle class people of their hardearned money including retirement benefits. Now microfinance companies are squeezing not so well-off people. In both the cases our wonderful governments help the oppressors and not voiceless people. Do we need such a system of governance? It is high time to ponder over alternatives for this system since right now vested interests are ruling with a couple of exceptions like Nitish Kumar.

pyk

6 years ago

very surprising fact is investment ( CAN BE MISTAKE)by mr narayan murthy of infosys and his silence-very very critical , on the ethical matter!!!now things are out and open , but silence is deafening. saying matter is subjudice is typical indian bureacratic style. it wd become another satyam looks like in due course.

REPLY

r balakrishnan

In Reply to pyk 6 years ago

surely not. He probably knew the full facts and took a call on the listing price. He is extremely savvy about the stock market. If you know that, rest of the things do not matter at all. No one in corporate circles (whether India or US) can claim to practice ethics at the absolute level. Relative level, so long as it is convenient.

pyk

In Reply to r balakrishnan 6 years ago

this explains the term cybercoolie , the looong working hrs at software companies,the goodi goodie image management of infy ..it seems to be one of the most cunnning management . i always had suspicion when everything was projected to be too good to be true , let it be sks / infy or such company. money per se has no colour, weather made by selling drugs or guns or concept. one has to be very careful while dealing with any of the citibank or excitibank types.they wd sell anything as long as evaluation is right!!

dv

6 years ago

Lack of full disclosure in the SEBI application is possibly fraud. Shouldn't the promoters of SKS be hauled for this? What does the company have to say?

R Balakrishnan

6 years ago

SEBI keeping quiet does not befit a regulator. This makes one suspect whether all is well when SEBI gives the go ahead for an IPO.
SKS has done investors a favour by warning the investing public about the perils in such a company. What is shocking is the PE investors' greed!

Wednesday’s Market Preview: Green opening on the cards

The Indian market is likely to witness a green opening on the back of positive cues from the global arena. Wall Street closed higher on Tuesday as minutes from the Federal Reserve meeting raised hopes that the central bank will take additional steps to boost the economy. Optimism in the US helped the Asian markets open in the green today. The SGX Nifty was up 27 points at 6,140 compared to its previous close of 6,113.

The domestic market snapped its two-day winning streak, ending in the red yesterday on dismal global cues and profit booking in heavyweights. Sentiments were also down as government data showed a fall in industrial growth for the month of August. The market traded sideways in the post-noon session as the key European barometers were trading with deep cuts. It ended the session down nearly three-quarters of a percent.

The Sensex closed 136.55 points (0.67%) at 20,203. The Nifty settled at 6,090, down 44.95 points (0.73%).

The US market closed in the positive terrain on Tuesday as minutes of the 21st September Federal Reserve meeting released yesterday indicated that the central bank will take new steps to boost the economy as unemployment continued to be a major concern. Investors hope the Fed will unveil additional stimulus measures at its November meeting.

The Dow rose 10.06 points (0.09%) to 11,020. The S&P 500 rose 4.45 points (0.38%) to 1,169. The Nasdaq rose 15.59 points (0.65%) 2,417.

Boosted by reports that the US central bank is ready to take additional steps to spur the economy, Asian markets were trading firm this morning. Meanwhile, Japan's finance minister on Tuesday said that the government would take ‘decisive’ action, if necessary to stem the yen's rise.

The Hang Sang was up 0.90%, KLSE Composite was up 0.45%, Nikkei 225 was up 1.04%, Straits Times was up 0.81%, Seoul Composite was up 0.29% and Taiwan Weighted was up 0.39%. Bucking the trend, China’s Shanghai Composite was down 0.10%. The SGX Nifty was up 27 points at 6,140 compared to its previous close of 6,113.

India was elected to the United Nations Security Council (UNSC) on Tuesday after a gap of 19 years, with substantial support, taking over from Japan a position which would help it push more aggressively for the reform of the world body's top organ.

Out of the 191 countries that voted, India received 187 votes, including Pakistan's, India's envoy to the UN Hardeep Puri said, after the ballot. While one member state abstained from the vote, three votes were polled against India. However, it was not clear which three countries voted against India.

Expressing concerns over deceleration in industrial output for August, India Inc on Tuesday demanded that Reserve Bank of India (RBI) should not increase policy rates any further as it will hurt the recovery process.

"... The RBI should not raise policy rates any further as it could have a negative impact on consumer demand as well as corporate investment and thereby slow down in economic growth," CII said in a statement.

Industrial production growth rate nearly halved to 5.6% in August from a year ago. The apex bank is scheduled to announce its mid-term policy review on 2nd November.

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