Knowing how Ashish Dhawan, of Chrys Capital,cornered Suzlon shares (even became it’s Director !), with Ajay Relan of Citicorp as an ally and later sold off some part to Government of Singapore… all at a dirt cheap placement price and all done before the Suzlon IPO, I was not really surprised at what he just came and said on NDTV Profit today on Larsen’s Bid for Satyam… I had blogged earlier on these Suzlon placements… Check out https://www.gauravblog.com/?p=393
Ashish Dhavan thinks Larsen is courageous in aggressively pursuing Satyam when all others are concerned with the risks !… Ashish,should we not be concerned with the risks !,especially when they are clearly in the high risk category ?… or, like you possibly had in Suzlon, and in your gameplan, made a killing of Thousands of Crores at the expense, I daresay, of Indian Investors, do you too, like perhaps Larsen does, have some price sensitive Inormation on Satyam’s contingent liabilities, that we do not !?… On what basis are you defending Mr A M Naik and Larsen in their bid for Satyam !?… they’re, in all probability, merely trying to save face on a ‘mistake’, probably by making another one !
Is Larsen Courageous or Foolish in increasing it’s stake to 12% in Satyam? Check an earlier blog on this.
6 thoughts on “Ashish Dhavan of Chrys Capital appears on NDTV Profit and calls Larsen Courageous for it’s aggressive pursuit of Satyam!… Really Ashish!?”
Oh Gaurav, I differ a little here on your view.. There is not nothing wrong with what dhawan did in Suzlon’s case. Remember Chrys capital is not a non profit organisation !. As long as it is legally correct, what is wrong in making money. If you talk of ethics, then there are crores of Indians who look for loopholes and avoid taxes..
I respect him for his calibre. He showed what private equity means to India. After all, making money is his job.
Are we to say the same thing if say, hypothetically blew off even a small fraction of 500 Crore on Mahalaxmi Race course or Las Vegas?! Courage and gambling are two different things. It is not difficult to separate out one from the other.
Hi Madhu
Respect your view
I have nothing personal against Ashish..don’t even know him personally too….yet I believe his calibre and acumen had nothing to do with the Pre-IPO Placement Gameplan in Suzlon
Citigroup,Chrys Capital,Govt of Singapore and the Parmar Family were beneficiaries of a largesse due extraneous reasons
It was not a situation like Warbug Pincus taking a Venture Risk and investing in Bharti Airtel when none were interested as they were concerned more with a multitude of risks…Warbug went to on to create history by making a billion dollars on this Investment…That was calibre and vision and acumen
Making big Monies in Suzlon with this pre -IPO and twice 2:1 Bonus allotments before IPO was a forgone conclusion
Allotments and Sale of Shares to Govt of Singapore by Chrys Capital before the IPO may be within the laws but most definitely not within Ethical Investment Play…it just was not Above Board…A network and Nexus was involved
Recall how to corner retail allotments,some created 30000 Demat Accounts to facilitate multiple applications…they were caught and booked….Think on these lines
What do you think was required to corner Pre-IPO placements in Hot Winning Issues like Suzlon ?….You may credit Ashish for his other Investments…but please not with Suzlon !
Gaurav, I dont understand why you compare this with Warbug – Bharti deal. Ashish too has many examples of good and sucessful investments to demonstrate his calibre.. Chyrs capital is a late entrant and not as big as warbug.
Again those 30k accounts were created with bogus addresses n PAN’s so they were legally not right and hence booked. But this is not the case with Suzlon. I am not telling what ashish did is correct. But it is not wrong legally. So v’ll better help to tweak the laws rather than complaining ppl who play around with such loopholes. There are millions of them to complain about then !!
Dear Gaurav…lets forget this Ashish character….i have been wanting to ask you about FIRSTSOURCE SOLUTIONS…..9.75/- today……an ICICI group Company with a whole bevy of International and National Shareholders….what do you think is happening here…down from a 52 wek high of 109/- to 9.50/ 52 week low…..would like to read your views….regards
Now Fidelity apparently has gone and picked up Satyam
Really wonder if they all know something about Satyam that’s not in the public domain yet !
Well,Madhu,I’m not on any crusade here against or for anybody really…all I endeavour to do is to interpret data and situations in stocks that affects many,check if there is any precedence or like it, and put forth my views to help readers assess any risks involved
I appreciate your forthrightness and hope have not offended your senses with mine !
And Anup,I’ll try and make some sense of Firstsource Solutions in a future blog…I had assessed it for clients in 2007 and was not impressed then…I’ll check it out again ….Thx for your response
Cheers !