SANTOSH HEGDE WITHDRAWS RESIGNATION

The lokayukta of Karnataka Justice Santosh Hegde has withdrawn his resignation after being persuaded by Sri L K Advani of the BJP. Hegde briefed the press in the presence of the CM BSY and BJP national president Mr. Nitin Gadkari among others, about his withdrawal.

LOKAYUKTHA RESIGNS

Justice Santosh Hegde, the Lokayuktha of Karnataka has resigned. Among others, Mr. Hegde has quoted non co-operation from the state government, including inaction against corrupt officials trapped by Lokayuktha and is protecting mining lobby.

IPO FROM AN INTANGIBLE ASSET COMPANY: FAT PIPE NETWORKS INDIA LIMITED.

The company earned a net profit after tax of Rs 399.37 lacs for the year 08-09, which was transferred to General Reserve. The balance at the end of the previous year in General Reserve was Rs 49.97 lacs. If you add, the profit transferred this year, to the figure it should be Rs 449.34 lacs. Simple arithmetic. However, as per the statement of accounts as furnished in the DRHP filed with SEBI, the figure is Rs 2103.04 lacs. For the difference, the corresponding entry shown in the balance sheet is Intangible assets.

Some of the comments made by the readers of First Choice IPO analysis are hereby reproduced.


DO NOT BUY!! Failure to report multiple litigation as well as challenges to its patents. Currently under federal investigation of its labor practices. Financials would not stand up to a US SEC audit, hence the reason to change from a U.S. company to an India company and run the IPO there. Numbers are misleading and inaccurate.
Dr.Raghula Bhaskar and Ms Sanchaita Datta are the promoters of the company. They take in excess of $400,000USD of income on a VC supported venture. They claim profit, but no listing of dividends to its investors. If you scrutinize some of the other ventures such as their India based programmers company BOX, you will find the company is listed as being based out of their home. Makes one wonder whether the VC's are even aware, they may have financed these other entities. This begs to question: Is this IPO merely a sham to pay back the VC is who by now must be impatient for a return.


Bottom Line: Fat Pipe years ago was at the right place at the right time. However, it has failed miserably to stay up with the ever-changing technology and marketplace. Other companies, new technologies, have sprung up bringing with them new technologies and innovation. Sorry Fat Pipe, you are OBSOLETE!!! Do you remember Iomega with the zip drive...? IOmmm who? A bet in Las Vegas would be a better risk.

FOR DETAILED ANALYSIS LOG ON TO FIRSTCHOICEIPOANALYSIS.COM

AIR CRASH AT MANGALORE

Mangalore-bound Air India Express plane from Dubai overshot the runway at Bajpe Airport in Mangalore this morning, killing at least 160 passengers. The injured were taken to hospitals.
The Boeing-737, manned by an expat pilot reportedly landed 2000 feet from touchdown point. Nearly 25 ambulances and firefighters reached the spot to help rescue operations. Rescue operations at the site are almost over and chances of survivors are remote.

PAK TAKES NO ACTION

The epicenter of international terrorism is Pakistan. India has been repeatedly educating the whole world about the terrorists activities carried out by banned international organizations with the tacit support of the Establishment. The recent statement by Hillary Clinton, US Secretary of state, that some people in the government are aware of the whereabouts of elusive Osama Bin Laden, confirms that the successive political leadership in Pak is misleading the world. In spite of knowing the activities of banned out-fits, Pak takes no action against them. The Pak is also accused of diverting the funds provided by the ‘big brother’ to fight terrorism, to fund terrorists. The failed Times Square bombing is a wake up call for the U S to take stern steps against Pak.

IPO INVESTING- KNOW YOUR MERCHANT BANKER

The IPOs which are quoting below the issue price and

the BRLMs associated with the issues that are listed

from 01-01-10 and until date, are furnished below.

NAME OF ISSUER	ISSUE PRICE	CURRENT PRICE - AS ON 03-05-10.	MERCHANT BANKERS/BRLM
SYNCOM	RS 75	RS64	Chartered Capital
VASCON	RS 165	RS 153	Kotak Mahindra, Enam Securities
EMMBI	RS 45	RS18	Keynote
DB REALTY	RS 468	RS 436	Enam Securities, Kotak Mahindra
HATHWAY	RS 240	RS 209	Morgan Stanley, UBS Securities, Kotak Mahindra
TEXMO PIPES	RS 90	RS 62	Almondz Global
PRADIP OVERSEAS	RS 110	RS 87	ANAND RATHI
SHREE GANESH JEWELLER	RS 260	135	Axis Bank Ltd. ICICI Securities Ltd. Avendus Capital
GOENKA DIAMONDS	RS 135	101	SBI CAPS
INTRASOFT	RS 145	130	Collins Stewart, Anand Rathi

CASTE BASED CENSUS

The Center has agreed to caste – based census as pressurized by the Yadav trio. The UPA has wafer thin majority in LS, RJD and SP who have twenty-five MPs, are extending outside support to the government. Their support is necessary to pass nuclear liability bill for which, there is strong opposition from the BJP and the Left parties. However, the Yadav trios are ignoring the writing on the wall, which is very clear. The next election either at the state or center will be fought on the issue of development, providing basic amenities in the rural area – like education, housing, health, infrastructure and reforms, among others. The days winning elections only based on caste, religion/region is over. The young, educated and informed voters, who constitute more than 70% of the total electorate, is definitely not going to exercise their franchise based on caste considerations. The Yadavs have to adopt themselves to the changed political dynamics. Otherwise, they are, probably serving their last tenure in the Lok Sabha.

The new census should be used for the statistical purposes and for monitoring the various programme and policies of the government and the political parties should stop using the same for vote bank politics.

IPOS - KNOW YOUR BRLMS

THE PERFORMANCE OF IPOS AND BRLMS ASSOCIATED WITH THE ISSUE ARE LISTED IN THE SITE FIRSTCHOICEIPOANALYSIS.COM

SHAME MINISTER, BJP

Politics is the last resort of a scoundrel. You cannot be honest and remain in politics. Politicians are thick skinned. They are above the law of the land. How true it is. The on going in the Karnataka politics, is mirror reflection of what politicians are made of. The minister is involved in sex scandal. Resigns over night. Why should one resign from the coveted post of ministership for a wild allegation? What is more shocking is the top level leaders of the BJP, including the CM, defending the minister shamelessly. The party, which promised ‘Ram Raj’, is administering Ravan Raj. There are ministers in BSY’s cabinet with sex scandal, corruption charges,cheating cases, involved in land grabbing and illegal mining and so on. Mr. Gadkari, please do something before it is too late.

POWER HUNGRY BJP

BJP after withdrawing support to Shibu Soren’s government in Jarkhand, since his party JMM, did not support the cut motion moved by it and Left parties in the Loksabha, changed its stance within 24 hours and now has invited Soren’s son for talks. In the first instance, one does not understand what made the saffron party to extend support to Guruji. Shibu Soren is facing serious criminal and corruption charges. What kind of message the new president of BJP wants to convey to its cadre. Time and again, BJP has proved it is no better than the other political party is. And the tag ‘the party with a difference’ is no longer is associated with BJP. Capture power by whatever means is the motto. There are no principles, values.