MARG Group is one of India's fastest growing infrastructure organizations and is listed by Dun & Bradstreet as among "India's Top 500 Companies 2011".
Moreover a recent Supreme Court order, disallowing promoters of Chennai based construction firm Marg to withdraw an open offer to public shareholders, has come as a relief to investors, who are stuck in shares of companies under similar litigation. The apex court on 25th April, 2014 set aside an order from Securities Appellate Tribunal (SAT), which had struck down Securities and Exchange Board of India (Sebi)' s decision to ask Marg's promoters to make an open offer. Akshya Infra — Marg's promoter entity — in October 2011, had made an open offer to the Marg shareholders to acquire up to 76.5 lakh shares, or 20% of diluted capital at Rs.91 a share.
Later in December 2012, Sebi has told the promoters to announce an open offer for Rs.340 per share based on prices prevailing at that time together with interest. With SEBI taking a long time to clear the open offer, the company sought the regulator's approval to withdraw the offer. However, the honourable Supreme Court Judgement, has more or less made the case much stronger for the small investors. The share will slowly move up and reach near the open offer price.
Buy the shares of the company and keep holding for a target of Rs.88-89 in the coming days.
Note: I might NOT be present in the market in the 1st hour, tomorrow and for few days in this week, due to some nagging family issues, which is not getting solved, inpsite of my best efforts. Regarding the issue I would like to say that, it is another case of FRAUD, I had to encounter here in BOMBAY. It is very difficult to trust anyone here.....I am trying hard to settle the problem as soon as possible but it has been lingering on since last 7-8 days. Anyway, all the best for the markets.