Thank you for @SirSmartBeta on Twitter for bringing this to my attention.
Over the last 6 months, there has been a suspicious surge in Bulk Deals on Cupid Limited. While the data does contain some well-known investors and smaller private funds, we can also see 4 odd private businesses investing in the firm – put together to a tune of 3%+ of Cupid. The common denominator between these firms is that they’re all from West Bengal.
| Client Name | Address (Tofler) | Directors/Partners | Net Bulk Deal Done in Last 1 Year | % of Ownership in Cupid |
|---|---|---|---|---|
| JAI MAA VINIMAY PVT LTD. | 71 JODHPUR PARKLAKE P S, , KOLKATA, West Bengal. | Narayan Choudhary Ankit Kakarania |
100,000 | 0.75% |
| PLASMA COMMERCIALS PRIVATE LIMITED | ROOM NO.415, 4TH FLOOR, NEW ALIPORE MARKET, BLOCK M, NEW ALIPORE, KOLKATA, Kolkata, West Bengal | Pranay Dhelia Ankush Dhelia |
125,000 | 0.94% |
| RADHARANI SALES PRIVATE LIMITED | 32, EZRA STREET, SUITE NO.554, 5TH FLOOR, KOLKATA, West Bengal. | Sanjiv Kumar Singhania Vivek Singhania |
101,319 | 0.76% |
| GARG BROTHERS PRIVATE LIMITED | Garg Brothers Pvt Ltd is at 180, Rabindra Sarani, KOLKATA, Kolkata, West Bengal | Keshaw Kumar Bubna Madhaw Kumar Bubna Dindayal Bubna Gopal Kumar Bubna |
80,000 | 0.60% |
While this entire thing looks murky, two of them stand out:
- Plasma Commercials is registered in Alipore. You know who else resides in Alipore? Acquirer No. 2 Mr. Aditya Halwasiya (According to the Offer Letter)
- Garg Brothers was registered way back in 1984. Cupid Limited was incorporated in 1993. I wonder if there’s any connection between the Garg Brothers of Cupid Limited and Garg Brothers Private Limited (Based on the list of Directors for Garg Brothers Private Limited, it doesn’t seem so at first glance).
I say ‘murky’ because of the relationship between these companies’ Capital size and the size of their investments in Cupid.
| Client Name | Paid Up Share Capital (a) | Current Stake in Cupid (b) | Investment Size (b/a) |
|---|---|---|---|
| JAI MAA VINIMAY PVT LTD. | ₹ 10,000,000 | ₹ 39,000,000 | 390.00% |
| PLASMA COMMERCIALS PRIVATE LIMITED | ₹ 49,700,000 | ₹ 48,750,000 | 98.09% |
| RADHARANI SALES PRIVATE LIMITED | ₹ 210,000 | ₹ 39,514,410 | 18816.39% |
| GARG BROTHERS PRIVATE LIMITED | ₹ 64,500,000 | ₹ 31,200,000 | 48.37% |
Without throwing stones from the get-go, one of us who attends the first concall with the new management should bring up this subject. If I manage to attend the call, I can bring it up myself. If I don’t, this is a sincere request from my side.
| Subscribe To Our Free Newsletter |
