Scripscan:Atlanta Ltd
cmp:130
Code:532759
Story:Atlanta Limited engages in the construction and development of infrastructure projects in India. The company’s infrastructure development activities include building roads, highways, bridges, runways, docks, ports, canals, water courses, irrigation, embankment, and reservoirs. It also involves in the mining activities, such as the contract mining of coal and limestone. In addition, it invests and constructs various commercial and residential properties. The company was incorporated in 1977 and is headquartered in Mumbai, India.Just after the company"s listing in 2006,because of price rigging the Securities and Exchange Board of India (Sebi) has barred promoters of Atlanta, from selling or buying the company’s shares for alleged price manipulation.Rajoo Barot, managing director, and Sachin Jain, company secretary, feature in the list.Shares of Atlanta, which were listed on September 25, 2006, rose from its offer price of Rs 150 to Rs 1,446 on January 17 -- 681 per cent rise in 55 trading days. Sensing something fishy in the sudden spurt in its share price, the Sebi advised the NSE and the BSE to conduct a probe. The probe concluded that Manish Marwah/Dilip Nabera Group, Atul Shah Group and Nirmal Khotecha Group made large scrip purchases during the period.It also said the employees, who were allotted shares, had immediately transferred the shares through off-market transactions, to persons connected with the company.It appears that the company promoters, their strategic investors and other related entities of Marwah/Nabera group have abused the stock exchange mechanism, the listing agreement and regulations to unfairly maximise their wealth at the cost of lay investors.I penned the matter again as I consider the promoters and the management to be my biggest reason for backing and recomending a company.Atlanta with the recent market boom has moved from 30 to the the present levels of 130rs.Forget about the numbers and the prospects or the potential as if people at helms does all this horrendous and hatred stuff then how can simple investors trust the company and it numbers?Certainly the numbers can be cooked up by fraduent practices.A burnt child dreads fire,so guys you are aware whats required here.Pangs of haunting memories ought to come in the way as investors had lost crores in the counter few years ago.Exit to move on to better and safer bets.
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Wednesday, November 18, 2009
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