am in the process of starting an association called Society of Essar Victims. WHy ? I was one myself.
I subscribed to Essar Gujarat & later their rights issue at a stiff premium then - 1987/89. Essar quietly swallowed public money when markets were good but year after year reported losses. They reported sick & later asked financial institutions and banks for interest waiver and loan restructure. For the shareholders they cut share capital by 40%. Yes 40% !!! My 1000 shares in Essar Gujarat , now named Essar Steel became 600. Share was below Rs. 10 for some years. Now after the steel prices went up and up for the past few years they have made money steadily enough to wipe out losses and minting large profits. But now that they have large profits there is a sudden unwillingness to share with the public who faithfully supported them in the bad times. Now Essar Steel wants to delist since the management had quietly accumulated 87% in the past few years at a much cheaper price (actually this is insider trading is SEBI aware ) and want to corner ENTIRE shareholding.
Essar Philosophy - TAKE MONEY FROM PUBLIC DURING BAD TIMES & CORNER THE SHARES WHEN IT BECOMES PROFITABLE. To start the association will be a long exercise but we need to make the effort. Those with feedback and suggestions pls mail me at stazz229@rediffmail.com
ASSOCIATION OBJECT - BOYCOTT ALL ESSAR PRODUCTS. BLACKLIST THEM FROM MARKET. DO NOT SUBSCRIBE TO THEIR IPOs.
