The management has lost credibility as they have done away with dividends and have been saying that dividends will resume once the parents stake increases after the merger of the unlisted companies.It appears that the merger itself was to give an exit to the management and also the dividend policy hinges on how much the management gets. Anyway, over the last 2 years they have been promising to put out the dividend policy which they have failed to do so far.
In the last analyst meet they changed their views on dividend and said they may deploy the cash for an inorganic acquisition rather than declare dividend. The policy keeps changing.
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