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Tuesday, October 30, 2012

Mindless acquisitions by SEL Manufacturing Company Ltd
At the end of March, 2012, SEL Manufacturing Co Ltd announced that it had acquired 99.88% stake in Omega Hotels Ltd. and 51.09% stake in SEL Aviation Pvt. Ltd., thereby making both of the aforesaid Companies the Subsidiaries of M/s. SEL Manufacturing Company Ltd. Omega Hotels Ltd. is implementing a Hotel Project at Agra in the State of Uttar Pradesh and SEL Aviation Pvt. Ltd. is in the business of Aviation Services and holds a Non Scheduled Operator's Permit under the Director General of Civil Aviation, Rules and Regulations.
Now the questions is: why is SEL Manufacturing Ltd wanting to imitate, Dr.V Mallya, of Kingfisher Airlines? How are hotel business and aviation business related to the Textile business in which it has got expertize? Is it not like chasing the wild goose in the hope of eating different meat? Does it have any prior expertize in running hotels or airlines? If no then why waste shareholders' fund in vain pursuits?
The company does not bother to reply to the queries raised by the shareholders. Also, on their web-site you would find only one telephone number. A company which is going for Rs.7000 Cr investment in Madhya Pradesh, is having only one phone number!! Can you believe? 

Yes, I believe, it sends you message that, "Hey man, don't dare to poke your bloody nose into what we are doing----we care a damn to answer you". But alas, neither are our Company Laws Equipped nor is our regulator ready to take tough stand against such "UNHOLY" promoters.