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Jayant Mundhra
Ā ā¢Ā
Dexter Capital AdvisorsĀ ā¢Ā 2m
This entire MapMyIndia saga is such a blatant CORPORATE THEFT by the promoters šš MapMyIndiaās Mappls was supposed to give Google Maps a run for its money, in the founderās own terms. And poofāthey've made it disappear into a brand new company, in which the founderās son, the present CEO Rohan Verma owns 90% of the shares. .. And whatās worse? To sweeten this already sour deal, MapMyIndia is also throwing in Rs 35 crore of shareholder money as compulsory convertible debentures (CCDs) into the new entity in which, as aforementioned, the promoterās son owns 90%. So, not only are the shareholders watching their promising consumer business walk out the door, but they're also funding it. They've been sidelined, overlooked, and frankly, disrespected. The business they invested in, the one they thought was going places, is now being hijacked by the very people meant to look after their interests šš .. It's a slap in the face to every investor who believed in the vision of MapMyIndia and revered the iconic Rakesh Verma Ji. And let's not forget, this move comes at a time when Mappls was starting to make waves, potentially becoming a significant revenue source. Instead of nurturing this within the company, it's being handed over on a silver platter to the founderās son, with shareholders left in the dust, watching helplessly as their potential returns drive off into the sunset. Itās absolutely unfortunate. .. No wonder, the companyās stock price is plummeting. The investors have been pushed to wake up, shake up, and demand accountability. And given the lack of it, so many can find no reason to stay on, and are selling away and booking losses. Because if this is how the game is played, it's a game where the house always wins, and the players, well, they just lose šš ..
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