I am a share holder of the company 'Bhishma Realty Ltd' (SPV of Hindoostan Spg & Wvg Mills Ltd - Thackersey group company)
Total share capital of the company is IR 100020
Means that 10002 Eq. share of IR 10/- Each fully paid.
Now a days company has done a agreement with Realgem Builtech Ltd (A division of D B Realty Ltd) to develope mill's land at Dadar - Mumbai. (Known as crown Mill)
There Real Gem Built has started to develop 75stories each tri ressidencial towers namely 'ORCHID CROWN' total salleble area is aprox.2700000Sq. Ft. plus Parking FSI as per new rules is around 700000Sq. Ft.
As per terms of agreement 60% saleble area is for Bhishma Realty against value of mill's land.
As per reliable sources mkt rate of such types of flats in Dadar area is Approx. IR30000/- per SqFt.
Not only that but company 'Bhishma Realty' Debt Free, and company's book value is IR27460 and Earnig Per Share is IR34535.75 per each share of IR10/- paid face valued share.
But with great surprised company has offered to buy back its share from small share holders for IR35000 (Thirty Five Thousand) per share. in accordance with the provisions of private limited company and unlisted public limited company (Buy back of securities) rules 1999 as amended.
But as per size of land and potational of further project 'ORCHID CROWN' the valueation IR35000 per is seemed very very low and an unreasonable.
Eventhough small and scretted share holders are always poor to fight for their right in such types of situation.
For which we request you to take intrest to justify the matter to improve the value of corporate governance.
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