Hi Santosh,
I have always found the cash issue to be a relevant question. Especially in the light of Mgmt’s response. I don’t think any of us would mind them holding onto cash provided a logical justification for the same is given.
I would personally write to them to get an answer on the pledge issue as well. I was surprised to see that questions about the pledge were not raised along with the cash issue. ‘Coz of this cash issue I would like to understand that for what purpose are the funds against the pledge going to be utilsed for. I don’t want the pledge money to land up as the USD converted money in the accounts or to be utilised to shore up valuations of the pvt. entity (maybe thinking too much; but none the less I find cash issue to be valid and mgmt. justification given unsatisfactory).
Regards.
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