Dhanus Technologies Limited IPO Message Board (Page 20)

Very well said, baig!
I would also like to add here that one can look at this state of Dhanus IPO as a blessing in disguise. I mean, this fiasco would also work to filter out all the 'panick stricken' investors. Instead of selling their allotments as soon as the listing happens, the ones who continue to stay invested would constitute of a larger percentage of people who believe in the company and would like to stay invested even beyond the listing day. This would, in turn, mean that the stock price can go up further rather than skydive at the time of listing.So, if the grey market premium continues to be good enough uptill the time of listing, there are all the chances of stock price rising up further after the listing day.

dear baig, ireally well said, ithink this is the BEST letter of this whole DHANUS episode.u rightly said.....NO RISK NO GAIN...now it is upto every one that how much risk one has to take.as such market is bullish and if it remais same at the time of listing then it may have good listing.lets us wait and see what happens.

This has become very interesting IPO for the kind of situation it is in...

One side People talking about Smoke & Fire - NEGATIVE NOTE

Well, the Red Herring Prospectus already had mentioned quite a few declarations by the company. Panic is because not every one goes through the RHP, including me :-(

Dont know how many really read the RHP at the time of Issue.

All the so called experts said APPLY.... and yes we all applied resulting in oversubscription of the issue.

Other side, Organizations like Reliance AMC & Enam's stake in this company - POSITIVE NOTE

If the company was cheating / involved in fraud, would the above orgs associate with it? We can use the Smoke & Fire theory here too in a positive way by saying these 2 orgs have found potential in this company.

Grey Market premiums are definitely an indicator before listing too...you all can check the historical figures, more or less, issues have been listed around these figures.

My conclusion is that we cannot comment unless CBI comes out with a detailed report / gives a clean chit to the company.

Now, it is more with the psychological factor to stay in this Issue or opt out.

I am preferring to stay in it, with 4 lots applied and come out soon with listing gains.

Had this company been really a fraud one, SEBI would have scrapped this IPO and ordered to refund money to EVERYONE instead of giving an optional withdrawal.

No Risk No Gain, Good Luck to ALL of us.

Thanks King of IPO for sharing all the required information with proof and also suggesting what to do...

I am also withdrawing my application. Its better though grey market premium is still good; its not worth taking risk.

Hi

If I am to send an email with a scanned copy of the withdrawal request, what is the email id that I should be mailing to?

Thnx, Nobs

I received the below e-mail from them, that, they will withdraw my application, atleast, if we receive money properly, that will be a big relief.....no idea...what happens....

Dear Sir,

we are in receipt of your mail. In this regard, we inform you that we have received the letter sent by you. Hence, we will arrange to do the needful

With Regards,

Komala,
Investor Service Cell,
Cameo Corporate Services Ltd.

Very well said S P Tulsain
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We advise investors to withdraw their applications, if any, made by them in IPO and remain away from the company. There cannot be smoke without fire.
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Its not worth taking that risk.

plz reply me the dhanush ipo ? what i can do ?

Hello Friends,

Please tell me how to withdraw the application if we have applyed through Online Demat Account.

Thanks in Advance

Listing/Refund Board
Company Expected Allotment Date Refund Starting Date Listing Date
Power Grid 27 Sep 28 Sep -------
Dhanus Tech 06 Oct 07 Oct -------
Kaveri Seeds 25 Sep 26 Sep -------
Koutons Retail 05 Oct 06 Oct -------
Consolidated 05 Oct 06 Oct -------

Sep 28, 2007
DHANUS TECHNOLOGIES - Isko dhanus se maro!

By SP Tulsian

Dhanus Technologies Ltd., a company which went public, with an issue of 38.35 lakh equity shares of Rs.10 each in the price band of Rs.280 to Rs.295, has now provided time till 6th October 2007, to enable investors to withdraw their IPO applications, including institutional bidders.

The IPO opened on 10th September 07, closed on 12th September 07 and got subscribed by about 28.47 times. Of this, QIB portion was subscribed by 36 times, HNI 27 times and retail portion by about 19 times.

There have been CBI raids at the premises of the company, its Managing Director, Guest House and at the residence of one of the employees of the company.

At the residence of the Managing Director of the company, the CBI recovered one bunch of 17 pages, containing deposit in City Union Bank, one bunch of 35 used cheques/cancelled cheques of various banks, bunch of 81 sheets containing blank cheques of various banks, bounced cheques with memo and cash of Rs.48.81 lakhs.

From the company’s guest house, CBI recovered V-Telling calling cards of Rs.4.31 crores, 570 cheque books of various banks, 368 cheque leaves of different banks, 454 number photographs, envelopes containing 454 photographs, currency counting machine, counterfeit money discerner, 64 prepaid Airtel Cards worth Rs.1.28 lakhs , VIP suitcase and, 6 files titled HDFC Bank.

The items seized from the company’s guest house are items, generally found when places of bookies or underworld gangs is raided. Also, the company was selling V-Tel Calling Cards without obtaining permission from DOT, which was obtained as late as 19-09-2007, after IPO closure. Even 44,521 V-Tel Calling Cards valued at Rs.6.57 crores were seized.

Definitely, all these things cast doubt on the workings of the company and its legality. In the past, DOT and CBI have raided many people and caught them for running such spurious overseas telephone exchanges, and also for selling Telephone Calling Cards, illegally. Is the activity of the company similar to that?

It is also strange that despite the IPO having closed about 15 days ago, the company released advertisements as late as 27th September, 07 to clarify its position. Generally, in 15 days, an issue under book-built gets finalized and shares of the company get listed on the stock exchanges. But here, the process of withdrawal by the investors would continue till 6th October, 07.

Strangely, the grey market continues to quote a premium of Rs.70 – Rs.75 per share, though no trades are taking place, despite this withdrawal notice announced by the company. Maybe, informed circles are trying their level best to keep the investors’ interest alive and are trying to persuade them to remain as an applicant in IPO.

We have also been getting numerous queries from our readers, to respond on the issue, as many have made applications for it.

We had stated in our IPO analysis initially, that putting money in the issue was not worth it as it was expensive. This episode has definitely been disturbing and hence we advice our readers to withdraw applications from the IPO.

Even if the share gets issued at Rs.280 per share, at the lower end, the valuations are quite stiff and one could loose a lot from these levels. The issue having tapped capital market also casts a shadow of doubt on the Book Running Lead Manager – SREI Capital Market Ltd., Legal Advisors to the Issue – Deltaa Legal Associates and Auditors of the company – P. C. Acharya & Co. Merely stating all these lapses as risk factors in RHP does not absolve them, morally. Legally, they may have been absolved. Stating risk factors is akin to printing the statutory warning on cigarette boxes, which states loud and clear - Smoking is Injurious to Health, yet, sale of tobacco continues at breakneck speed. What is even more ominous is that majority of the analysts, broking houses and media gave a subscribe call for the IPO.

We advise investors to withdraw their applications, if any, made by them in IPO and remain away from the company. There cannot be smoke without fire.

THis is what I got when i went to Cameo site to check for allotment status :-



DHANUS TECHNOLOGIES LIMITED – IPO



This is to inform you that an article was published in a local Tamil magazine - "Junior Vikatan" in its edition dated 29.08.2007 in which it has raised certain allegations against the Company / its promoters and its employees. In this regard, the Company is publishing a public notice in the prominent newspapers on 27.09.2007, giving details of the allegations & the Company's clarifications on the same. The Company is also giving an option to the applicants to withdraw their applications, if they wish to do so, within a period of 10 days from the date of publication of the public notice, viz., 06.10.2007. A separate letter to all the applicants/investors has also been sent in this regard. The further course of action regarding basis of allotment / despatch of refund orders etc., will be organised subsequently.


Public Notice Investor Letter

cn someone please tell me the listing date of dhanus...?

i have applied for 60 shares and my application no is
:8004008plz tell me allotment status

please guide how to withdraw application from icici direct account.

Friends I request all members pls nd pls give genuine information about Dhanus IPO wheather to with draw or to hold. I applied through icici direct..In such a case how can i apply for refund and more over i am not in town.

Regards to all friends.

Rememer guys......

reliance & enam have substancial stake in the company..
They are not idiots

thos e who cannot take, is better off by withdrawing their application.

rana

Response of Camonindia
Personally I am not in position of taking huge risk..Already burnt my hand in Cairn India..
Dear Sir,

We are in receipt of your mail. In this regard, we request you to send us a letter in writing signed by the share holder along with the applcation no.The letter can be sent to the following address:

Cameo Corporate Services Ltd
No.1 Club House Road
Subramanian Building Vth Floor
Chenna-600 002.

Alternatively, you can also send us the scanned copy of the same.

Further, we inform you that since you have applied online we request you to furnish the following details in the letter:

1) Dpid / Clid
2) Name of the share holder
3) No: of shares applied.

With regards,

Investor Services Cell
Cameo Corporate Services Ltd
Send it to investor@cameoindia.com

This is the worst thing that can happen, but dhanus is backed by strong giants-reliance & enam who have a substancial stake in the company. I think one should stay invested in this ipo, even after such allegations the issue will list at a premium further cbi raids etc was reported in the prospectus, so its nothing new....