Corporare Governance is a major issue, may be very few exceptions like Tatas. Less than a year back Vedanta tried to delist, at a price of Rs 89 or so, today market price is 320, went above 350, a month before delisting notification Book value was drastically reduced by half citing uncertain times of Covid, SEBI just kept quiet. Delisting fell through because enough share holders did not offer their shares for delisting & LIC the major share holder offered for buy back at Rs 320,if enough share holders had opted for delisting, Vedanta would have been forced to accept RS 320 price for all share holders or offer a counter offer which could not have been much lower than Rs 320, so to circumvent that, the chairman comes on TV 2days before the last date of offer and declares that delisting has been oversubscribed, many who were waiting for the last minute to offer, did not make any offer, because once fully subscribed all share holder's would get the same price. One day after the last date of subscription Chairman declares under subscription because of which delisting failed, and all through this SEBI kept sleeping. Two days before Vedanta has annouced a demerger of Business divisions which is normally a very good news for share holders, but next day the share tanked Rs 29 because share holders did not trust management be fair. Few days back Vedanta has demerged with parent company, to deprive Vedanta share holders of special dividend declared in the event of getting back the " retrospective tax-popularly known as 'Tax terror' , with specific announcement that with this demerger with Parent Company, only parent company is eligible to get benefits of refund. With one stroke vedanta share holders have been deprived of substantial special dividend promised & the irony is Govt Authorities had sold off Shares of Vedanta to recover the retrospective tax, logically that value of shares should have come back to Vedanta, if this mischievous demerger with Parent company had not come up. If there are any legal experts on this forum ,I request them to take up this legally.
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