Promoters invent ways to hide pledged shares
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--------------------------------------- During early 2009, India's market regulator SEBI made it mandatory for promoters of listed companies to make disclosures in case of pledging of shares with borrowers. You would recall that this announcement came on the back of the Satyam scam wherein the promoter of the company, Mr Ramalinga Raju, had pledged nearly all of his shares.
Since then investors have been quite wary of putting their money in stocks which have a significant portion of pledged promoter shares. At a time when the RBI has been raising interest rates, the likelihood of promoters not being able to fulfill their financial commitments is a matter of concern. Not just that, even if the prices of such stocks fall below a certain level, the pledge shares could trigger a sell-off from financiers. As a result, such stocks are facing a lot of pressure and have in recent times underperformed the broad Indian stock markets.
But the story is far from over. To escape the ire of investors, promoters are now increasingly resorting to novel ways to avoid the regulation that makes it mandatory for them to disclose the number of shares pledged with lenders. Official data from the stock exchanges suggests that promoters of more than 800 listed companies have pledged shares worth more than Rs 1.5 trillion. But the size of the leverage could actually be much bigger if you consider the ones that go unreported. One easy way how promoters escape disclosure is by transferring some of the promoter shares to a special purpose vehicle (SPV) which is directly or indirectly controlled by them and to raise money against those shares.
It is both amusing and scary that clever businessmen always find ways to take advantage of loopholes in the system. By the time the regulator comes around to fix this, they would find other avenues. The cat-and-mouse game will go on forever. That is why we believe the promoter's integrity should be well assessed. A clean and shareholder-friendly past track record would be a fair proxy of the same.
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I invite you to subscribe today for a fresh and thought-provoking perspective." - J Mulraj Available exclusively to readers of Equitymaster. Sign-up Now! It's Free! During early 2009, India's market regulator SEBI made it mandatory for promoters of
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