Vakrangee is imploding. SEBI is asleep

[travelor65]

Came across this news
https://www.google.co.in/url?sa=t&s...QqQIIJygBMAE&usg=AOvVaw3VSxtGXh9vu6G5TQV-gBH9
Almost everyone could smell the foul early but the news channels keep on promoting these companies as their ling term multi baggers.
India should allow public suits against the promoters and auditors of such firms

 

[pathofphanuel]

@travelor65 Well, look up section 245 of the Companies Act.
You are actually allowed class action suit against the management. Go ahead and exercise your rights!

 

[travelor65]

@pathofphanuel Well I was not a shareholder, just ranting as a few people I know were invested in it hoping for a bounce back.

 

[pathofphanuel]

@travelor65 Rather, looking to make a quick buck without due diligence?

 

[travelor65]

@pathofphanuel ya sure they may be gullible, but the news channels with their "experts" recommending these should be restrained in their recommendations.
Just saw an expert on Zee Business saying the current rift between the RBI and govt is good for the stock markets.

 

[pathofphanuel]

@travelor65 Lol clearly people should use their better judgement and decide what to believe and what not to.
There's nothing called a free lunch. There's a reason why stocks like vakrangee and manpasand have fallen to this level.
As far as that "expert" goes, god bless him if he thinks it's good for the market

 

[melramos2010]

@travelor65 I am new to investing. So, why is everyone sure that it won't bounce back? Is it because of the PC Jeweller stock purchase thing? Or is there some shady business tactics by the management?

 

[travelor65]

@melramos2010 Shady management, no clear source of cash flows, the centres that they advertise are for namesake and no actual work happens there. Their grand vision of opening thousands of atms(more than sbi currently operates) without any actual execution. I'm sure that I have left many more issues.
Moneylife has done extensive coverage on the company. It is the only magazine that raised stink early. They also covered the ilfs fiasco recently before others. So highly recommend subscribing to it. Worth every penny and also feels good to support such journalism