We can’t do anything about it even if it is unethical. Listed companies are better in this respect. In unlisted companies, any investor can decide that the company is not worth its current valuation and cut it’s valuation causing loss to all invested.
Pharmeasy valuation cut was bad for all invested except Dr. Velumani who had secured anti-dilution rights ahead of his investment in the firm. This will ensure he is allotted new shares to compensate for the massive erosion in the current value of his holding in the company.
It is also rare for a company to give these anti-dilution rights. This dilution is another risk in unlisted companies.
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