Writing this post to ensure it doesn’t fly under our radars.
BSE disclosed that a designated person named Nand Kishore Patodia has sold Usha Martin shares worth ₹9 Crore between the period of 27-30 Dec 2022.
However, what caught my eye, even more, is that post this transaction his security balance on the company is zero.
But, who is Nand Kishore Patodia?
Since I have been tracking the company only for about a week I was void of any knowledge of him. Plus could not also find any mention of him in the FY21 annual report.
But Google being the tool it is, I found this article from Indian Kannon website mentioning him as the AVP of the company. However the mention was related to a case dating back to 2013, so I am not sure what his current position is.
Now while there could be a multitude of reasons behind his decision to deplete his reserves and there might not even be anything worth ringing the bell about.
But from a potential investor perspective, these incidents combined with those of Peterhouse Investments Limited do shake my confidence a bit.
Thanks – Arnab Roy
Disclosure – Not Invested
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