When Mr. Narayan Murthy raised concerns about Corporate
Governance which resulted in the resignation of the CEO & other Board
members, he was acting not as founder but to use his own words “ an average
Joe”
The present case is -- Polo Hotels Ltd. CA Arun Goenka has
taken up the cudgels on behalf of the
shareholders of Polo Hotels Ltd. Investors meet is being organised at many
cities—Mumbai, Delhi, Kolkata, Bangalore, Chandigarh etc.
This is one of the most unique case . The Acquirers/
Promoters have been dodging their
responsibility for past 18 years to come out with an Open offer. The case
has travelled all possible levels and
stages of Justice delivery system - CLB,
High Court, Takeover panel, SEBI Chairman, SAT and Supreme Court. In Supreme
Court, they lost not once, not twice but 3 times- Appeal, Review and the
Curative Petition. The last Supreme Court order is dated 2 March 2017 . They
had to bring the offer around 17 April 2017, yet there is no sign of the
Offer. It seems that the acquirers/promoters want to start the cycle of
appeals and review petitions all over again and want to spend their and most of
the investors’ lifetime in such appeals.
The Securities Appellate Tribunal (SAT) could see through
their evil design and reprimanded them and placed a penalty of 50,000/- on them. The operative part of SAT order
dated 29 August 2017 is reproduced
below:
“5. In our opinion the present appeal is
filed in gross abuse of the process of law
merely with a view to delay implementation
of the order of SEBI dated 1.8.2003
….
6. In these circumstances, we grant
extension of time for a further period of four
weeks for compliance of the order of SEBI
dated 1.8.2003 subject to payment of
costs quantified at Rs.50,000/- to be paid
by the appellant to SEBI within a period of 2 weeks from today”
Besides the above the company is thoroughly mismanaged.
On an Asset size of about 135 Crores, revenue is not even 2%. For the
whole year ended 31 March 2017 total income is shown as Rs.1.78 Crs. CA Arun Goenka initiated a move to oust such
an inefficient and corrupt management and their collaborative
auditors. There is no transparent accounting for Rs. 74.91 Crs. Parked
under the head “ Capital work in progress”.
Special Notices under Section 169 &
140 (4) of the Companies Act, 2013 for removal of some directors and
appointment of Auditors respectively has already been served on the company.
The original complainant and many other shareholders have
died or become too old. Some active shareholders under the guidance of Arun
Goenka have decided to FIGHT for the RIGHT of such and other shareholders.
CA Arun Goenka is a shareholder activist and his efforts has
been appreciated by WIRC-ICAI who has awarded him for such social service. He
has also been featured by The Economic times. Mr. Goenka is following up with all concerned authorities ,
very vigorously . He is confident that the Acquirers/Promoters have no place to
hide now and will have to come out with
an Open offer wherein all the Shareholders will get a per share Rs. 23.75
Plus interest @ 15% p.a. for the past 18 Years. Roughly the about Rs. 90 per
share.
To educate all the investors in the company, a series of
investors’ meet has been planned all over the country. For the purpose a core
team of knowledgeable investors has been formed. Investors are advised to
please contact us on: It will be appreciated if a mail is sent to polohotelsprotest@gmail.com or whatsapp on 093230 91348
Please give the following details:
(a)
Name of holder, (b) Folio No. (c) No. of shares held, (d) PAN No.
(e) Proxy—Please sign, scan the form and email and also send
by courier to my above address.
Meeting of the Shareholders of the company in
Mumbai will be held on 15th September 2017 at
Mumbai 400 059
Upon shareholders’ request, the meeting in any city can be organised/rescheduled.
All shareholders are requested to kindly attend the same.
RSVP : Heena – 022-2838 1348-9
