downthemiddle

I have just come across an aritcle written some time back by the venerable Sucheta Dalal in MoneyLife.

The relevant portion is extracted below-

The Pyramid Saimira story began on 21 December 2008 with news reports about SEBI having penalised the company for violating creeping acquisition norms by asking it to make an open offer to acquire 20% public holding at a minimum of Rs250 per share (which was significantly higher than the ruling market price of around Rs75) within 14 days of its order. The ‘SEBI order’ turned out to be a fake. The group attempted to plant the fake order in several newspapers led by a media cabal that included Rajesh Unnikrishnan (assistant editor of The Economic Times and close buddy of Nirmal Kotecha, a co-promoter of Pyramid Saimira) and Rakesh Sharma, a former journalist with Business Standard, who has turned into a PR professional. (He was sacked by his employer Adfactors PR when the fraud surfaced.) There are two other former journalists involved in the ring of thieves – Ashok Jainani and Dheer Kothari, the latter based in Kolkata. This does not seem to be the first time that such a cabal has planted fake reports about companies. This time, however, Kotecha was master-minding the effort, holding surreptitious meetings in mid-town Mumbai hotels and even propping up an imposter who pretended to be the company secretary and confirmed the fake letter to the more meticulous journalists.

click here to read the entire article

Now, my question to Ms Dalal is: Has Sebi called Dheer Kothari a thief or has he been accused of any impropriety? Who is Sucheta to pass judgment on individuals by calling them thieves? Can she prove her claim?

Sucheta should do her homework well. That's a given for all credible journalists. She is a senior, accomplished writer and commentator and I don't need to remind her what journalism is all about. She should apologise to me ( in case she wants to who is hardilaziz ( it is Dheer Kothari's pen name). 

C'mmon Sucheta, will you climb down from your self-erected pedestal before your readers pull you down? PROVE YOUR CHARGE OR APOLOGISE UNCONDITIONALLY!

Is Tech Mahindra going to turn around Satyam into a trusted, world class service provider that it once was? It is a big gamble, no doubt.

Including the proposed open offer which will give it a solid 51% stake in the company, the company's special purpose vehicle created for this acquisition is setting aside close to Rs 2700 crore for this bet. Is it a costly bet or a steal? On the face of it it appears to be a positive deal, what with the huge land bank and IT infrastructure Satyam owns.

But rather than going over the top I would still say that it is too early pass judgment. The acquirer's challenges are two-fold. To retain its quality manpower and marquee clients. Wilbur Ross, let us not forget, was not willing to pay more than Rs 20 per share for Satyam. Till the accounts are restated, these bids are as good as potshots in the dark! Tech Mahindra had nearly backed out of the bidding process, according to news reports. That it has finally breasted the tape is remarkable. Will the reluctant groom deliver? Let's wait and watch...