Power Grid Corporation of India Ltd FPO Message Board (Page 97)

In an exclusive interview to ET Now, Malini Byanna ex-wife of Vikram Akula has accused SKS Microfinance of mismanagement and flouting corporate governance norms. Akula has denied the allegations. Here are excerpts:

What sort of corporate governance norms are being violated in SKS Microfinance?

One of the reasons for my separation, divorce from Vikram Akula involved certain activities and certain requirements that he was asking of me that were illegal and unethical. There were several things that I was being asked to do including providing fraudulent immigration letters, bribing public officials and also covering out some shifting of finances and funds between programmes at a time where we had secured earmarked funding or grants for the SKS Education Programme that was dipped into without my knowledge and consent, without the Board’s knowledge and consent to make up for a deficit in the SKS Microfinance programme that had been bankrupted.

I first confronted Vikram Akula about this hoping that as husband and wife as business partners, we can resolve this. He was my husband and the father of my son and my first priority was to protect him and see if we can resolve the issue between the 2 of us alone. The SKS Foundation Board started to ask him pretty tough questions. Some of the expenditures that were going on in India probably should not have been expenditures under a not for profit organisation. Vikram Akula resisted providing that information. I remained silent and again because I did not know what to do about the situation brought the issues to the attention of some of the officers of SKS Foundation.

I - at that time - decided that I wanted a legal separation both personally and in terms of our business because I did not want to be involved with whatever he thought was appropriate to fix the messes that the organisation was in. There was a Board meeting that was scheduled for October 7, 2001. We had an agenda and I was going to request that SKS Foundation and SKS Education be legally separated from SKS Microfinance, SKS Technologies and where I would have primary oversight and management of SKS Foundation and SKS Education and Vikram Akula would have SKS Technologies, SKS Microfinance because that seemed to be our focus at that time. He knew that all these matters and these problems within the organisation would be brought to the attention of the full Board, would be discussed and resolutions would be passed. Because he did not want any of this disclosed in a formal Board meeting, three days before at the Board meeting he obtained ex parte orders and abducted my child from my parents’ home at which point in cancelled the Board meeting.

He was furious. Even in these orders, I was enjoined from going into the SKS Foundation office because he thought that would preclude me from being able to attend the Board meeting. But he tied this into a personal matter and he used my son as a coercive tool to back down my challenges and to take the legal steps that I needed to protect myself. So the general pattern has been that he did not want to share any of the power. He did not want the separation. He also used extremely coercive methods saying, ‘I am going to steal your baby from you unless you back down, I do not want you to be the whistleblower, I do not want you to be the challenger, I want to run this organisation in an autocratic way.’

SKS Microfinance is a publicly listed company right now and one of the clauses to go for listing is that you have to disclose a lot of things to SEBI. Has not SKS Microfinance done enough disclosures or is it still hiding something?

There is a lot that has not been disclosed to the public. I had to actually file a complaint when I first saw the red herring prospectus. Many of the pending proceedings against Vikram Akula and/or members of his company were not disclosed as also his parents. In the first red herring prospectus, certain criminal complaints were not disclosed. There is a criminal trespass case pending against him in Hyderabad for forcefully entering into and breaking into the home that I was leaving and had exclusive possession of. There is also a criminal complaint pending against him, his executive assistant and HR manager for fraudulently producing and obtaining Jet Airways boarding passes and e-ticket itineraries in mine and my son’s name and a date that we never even approached or entered the airport or took that flight. That was not disclosed.

There are pending proceedings in Illinois against Vikram Akula including - but not limited to - a petition from notification of Child Support. After we learnt that he bought a 4200 sq ft in Palatine, Illinois, we realised that he was earning an income much greater than he had been disclosing to the courts. We filed the petition and notified Child Support and in so doing, we propounded discovery he failed to turnover his 2008 tax returns. There is now a petition for failure to turnover this tax returns pending against him.

When I was faced with this custody proceeding in the ex parte orders that he had attained, I had been back and forth from India litigating this matter and which the US State Department has called an international childhood abduction, I learnt that in 2008, he did not turn out his tax returns. He paid 31 crore in taxes to the Indian government. So he had a huge incentive not to turn this tax returns because his child support application would exponentially increase. I do believe one of his motivations for wanting custody of Tejas is because he did not want to have to pay the proper child support that he actually had been failing to pay year after year after year because he was earning a much greater income than he had ever disclosed to me or to the courts.

The other motivation is the IPO because obtaining custody of Tejas would erase his questionable history. Having bankrupted me for 9 years in litigation against successfully raising my child, he know he would never be successful in a custody battle in the US. So he chose a foreign jurisdiction filed ex parte proceedings while I was out of the country and filed ex parte proceedings while I was out of the country.

DEAR YAMBARODA,
I Myself have purchased lot of Power Grid at 105.My target is 120 which it is destined to before the Issue.So do not worry.please give your mail ID so that we can communicate.

Power Grid 107- Consolidation mode in 106-111 range. Predicting the direction is difficult right now. Once it breakes out from that range, it may move in the direction of break-out / break-down.

In case moves above 111, it could rise to 114 & then to 117+. Contrary to expectation if it breaks-down from that range, it could fall to 104, 100 or 96.

Best strategy is buying in phases near support zone at 106, 104, 100 & 96. In case it rises, 75% profit booking advisable in first target.

This is my personal opinion & investor should note that I am not Certified Financial Analyst. In case you trade based on my suggestion, it at your own risk.

anny @ 38...Point taken will get back to u on 8th Nov

YOU CAN EXPECT POWER GRID PRICES TO MOVE UP TO RS.125/- SINCE GOVT WILL BE SELLING FPO @ 105/- ONLY AND NOT LESS . PROCESS TO MOVE UP PRICES ARE ON THE WAY AND WILL BE VISIBLE BY 28TH ONWARDS. PLEASE DO NOT ASK WHO I AM AND HOW THIS INFORMATION HAS BEEN DERIVED BY ME.

I WANT TO SELL POERGRID FUTURE PLS SUGGEST...

YAMBARODA

TRY TO EXIT POWERGRID AT 115-120 AND AAPLY IN FPO,

U WILL GET FULL ALLOTMENT IN FPO.

PRICE FOR RETAIL WILL BE 92-95

WHAT IS THE PRICE BAND.

32. how do u know price band...? send me the link

Price band 102-108

It should be at least 200 shares for full allotment.. I dont think 100% of retail has applied at cut-off .. I hope this one too is like Oberoi.. 100% allotment :)

dear 27, selling application in gray market means u sell application on 1 lakh at some premium. u get ur profit fixed at this premium n risk is transferred to buyer

Hey, what is this kostok business? Am new to this whole thing, so don't mind.

Price Band is Rs 80 to 83

What is the Price Band of PGCIL FPO?

This is the kind of thing I try to teach people. Can I count on a sequel?

Can anyone pls tell me whow to sell application in gray market...what is the procedure...benifit and loss?

People like GEM ,Setu, Saharanpuri,pl. dicuss about the strategy to be followed by those who hold Power Grid shares, or would like to trade.

DEAR GEM ...THANKS FOR ANALYSES OF OVER SUBSCRIPTION DETAILS...EMP QUATA ETC...I RESPECT ALL INTEELIGENT BOARDER..BUT I REALLY MISS SHREE DHAR..KAHA CHHUP GAYA KATHOR ..TERE CHAHNE WALE...DONT GIVE YOUR NAME BUT GIVE YOUR GOOD IDEA..I HAVE 2500 POWER GRID WHAT I SHOULD DO...GEM OR SHREEDHAR OR ANYBODY PL GUIDE...YAM BARODA JAY SHREE KRISHNA...