Personally I have no issues with their promoter groups shareholding structure as well as their % shareholding in the company.
Corporate governance is something one cannot be 100% sure. We recently had an issue, however in that the main promoters do not have any involvement (its the uncle who did it and he is out)…this is what is being told.
Further there is another belief I have, BW which is globally big player in the LPG sector decided to join hand with GBL. For them India is a big market where they want to do serious business and they have committed to a project by part equity and also debt which the JV will take and assuring revenues for the JV such that the debt is taken care of. Now, GBL was a very good candidate for them because they had the land at JNPT so GBL is like a very preferred choice for BW. Having said that, I would expect that BW would have done a thorough financial, legal, tax due diligence on GBL. Also Malabar and Anil Goel participated in the fund raise, so even they would have done due diligence at their end. This is not to say that promoters of GBL cannot indulge in wrongdoing going forward, but for now nothing points otherwise.
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