Talk:MS Shoes/Archives/2015

Hon'ble Sir, this is request for edit as the information is incorrect, inadequate and outdated.
MS Shoes was a company establish in Delhi, India in 1986 as an Export House (1)- editing : - MS Shoes was a star trading house and not only export house. Thus the information is inaccurate. Besides the reference at serial no. 1 given by the author of Nirmala Ganapathy(June 6 2003) does not exist presently on the google as it has been deleted being inaccurate information.

It attracted large investments before collapsing in Feb., 1995 (1) – edit : - MS Shoes was already a listed company since 1992, it came out with public issue in 1992 which was oversubscribed more than 50 times and another large public issue in November, 1993 which was also over subscribed more than 20 times. The public issue of 1995 was under subscribed and was underwritten, on devolvement the underwriters failed to pay due to which the awards have been passed in favour of MS Shoes and against the underwriters in June, 2012 out of which they have been decreed even. The Delhi high court appointed the arbitrator vide order dated March 14, 2007 and the awards were decided in favour of the company and against the underwriters by the arbitrator in June 2012 totalling to more than Rs 98 crore out of Rs 50 crore that were decreed in favour of the company. (www.business-standard.com/article/special/ms-shoes-to-sue-dse-over-arbitrator-197042101064). Thus MS Shoes did not collapse as being reported by the author. Thus the information is completed inaccurate. Besides the reference at serial no. 1 given by the author of Nirmala Ganapathy(June 6 2003) does not exist presently on the google as it has been deleted being inaccurate information.

Many investors lost large sums of money (1) –edit : - There is nothing to pin point that any of the investors lost any amount of money, since the amounts collected were refunded on 22.1.1995 within the stipulated time as per terms of the prospectus. Besides the reference at serial no. 1 given by the author of Nirmala Ganapathy(June 6 2003) does not exist presently on the google as it has been deleted being inaccurate information.

The market closed for three days after the crash. (2) – edit :- The markets did not close due to MS Shoes, in fact they closed because of the default of the brokers who had taken large positions and could not deliver as per their commitments. Besides the reference at serial no. 2 given by the author of Citeman.com/6009 has been deleted on our clarifications given to them since the article was inaccurate, now the said reference does not exist presently on the google as it has been deleted being inaccurate information, the confirmation of Citeman of the deletion is available.

Rise and Fall Pavan Sachdeva took over his father’s Delhi based shoe export business, mostly serving Western Europe, and launched the company as MS Shoes in 1986 (1) – edit : -  The author’s report that Pavan Sachdeva took over his father’s business is inaccurate as his father died in 1979 while the exports business was launched by   Pavan Sachdeva in 1986. Thus the information is inaccurate and is required to be deleted. Besides the reference at serial no. 1 given by the author of Nirmala Ganapathy(June 6 2003) does not exist presently on the google as it has been deleted being inaccurate information.

He raised money from investors and borrowed large sums from financial institutions and banks (1) - edit : - The said information is completely inaccurate in view of the fact that the company is debt free and there are no borrowings from any of the banks/financial institutions. Besides the promoters own 95% of the paid up capital of the company being Rs. 142 crores. The investors funds are only to the tune of Rs. 5 crores who have also been offered for buy back of the equity. MS Shoes had repaid the entire loan amount to Allahabad Bank in May 2009. The company has decree of the 5-star hotel project in its favour.( http://www.business-standard.com/article/special/drt-likely-to-auction-ms-shoes-properties-198061201046) Besides the reference at serial no. 1 given by the author of Nirmala Ganapathy(June 6 2003) does not exist presently on the google as it has been deleted being inaccurate information.

Sachdeva used intriguing ads created by Delhi branch of Redifussion to attract investors (3) – edit : - There is no doubt that redifussion was appointed as a corporate advertising agency but they were not the public issue Advertising Agency since the public issue advertising agency was Concept Communication. Thus the information is inaccurate in respect of the ads by Redifussion.

Shares were traded at Rs. 24 in 1993, and peaked at Rs. 502.50 in Jan., 1995 (1) – edit : - The said information is also inaccurate in view of the fact that the shares were market driven since the company’s exports had jumped from Rs. 2.25 crores in 1986 to Rs. 170 crores in 1995 and accordingly the shares rose on the financial status of the company. Thus '''the information is totally accurate and needs to be deleted. Besides the reference at serial no. 1 given by the author of Nirmala Ganapathy(June 6 2003) does not exist presently on the google as it has been deleted being inaccurate information.'''

Apparently the shares prices had been manipulated (4) - edit : - The reference no. 4 does not states so as reported by the author. Besides '''the fact is that there is no such allegations against the company from any of the Govt. Authorities. The company did not manipulate any share prices'''.

When they crashed in March, 1995 the collateral effects were so sever that the markets had to be closed for three days (2) - edit :-  The markets did not close due to MS Shoes, in fact they closed because of the default of the brokers who had taken large positions and could not deliver as per their commitments. Besides the reference at serial no. 2 given by the author of Citeman.com/6009 has been deleted on our clarifications given to them since the article was inaccurate, now the said reference does not exist presently on the google as it has been deleted being inaccurate information, the confirmation of Citeman of the deletion is available.

More than Rs. 2.7 billion was lost (1) - edit : - The reference at serial no. 1 given by the author of Nirmala Ganapathy(June 6 2003) does not exist presently on the google as it has been deleted being inaccurate information.

Investigation and charges

The Central Bureau of Investigation (CBI) started in investigation in 1995. In June, 1997 the CBI sought permission from the Govt. to lay charges against senior officials of Securities and Exchange Board of India (SEBI) and SBI Capital Markets, a subsidiary of State Bank of India (5) – edit : - '''The said case referred was a false one and has been closed since 30.9.1998 as such the information is outdated and inaccurate besides the fact is that such information has been corrected by the same reference as follows : Central Bureau of Investigation filed a closure report on the MS Shoes case in September 1998, which was accepted by the court. (www.business-standard.com/article/companies/cbi-cracks-dowm-on-sbi-caps-sebi-officeial-in-ms-shoes-case-197061901107).'''

Sachdeva was charged with violating the Company Act and Prevention of Corruption Act (1) Later CBI abandoned the probe due to lack of evidence, but in 2003 reopened the case. Many other civil and criminal charges were filed (1) – edit : - The said report of the author is inadequate and inaccurate since there was no case that was reopened in 2003, in fact there is no case of any nature whatsoever against the company or its promoters. '''Thus such information is required to be deleted. Besides  the reference at serial no. 1 given by the author of Nirmala Ganapathy(June 6 2003)  does not exist presently on the google as it has been deleted being inaccurate information.'''

In April, 2003 a Delhi Metropolitian Court issued a non bailable warrant against Sachdeva for failing to pay back money owed to the Indian Air Force Benevolent Association (6) – edit : -  '''The said information has been deleted it was inaccurate and is not any more on the google search engine. Thus it is required to be edited.'''

In June, 2003 Delhi High Court ordered that the company be sent to Board for Industrial & Financial Reconstruction. Few companies survive this process (1)- edit : - The said information is completely inaccurate in view of the fact that the company is debt free. The reference at serial no. 1 given by the author of Nirmala Ganapathy(June 6 2003) does not exist presently on the google as it has been deleted being inaccurate information.  — Preceding unsigned comment added by Gqad (talk • contribs) 12:20, 28 June 2014‎ (UTC)


 * TL;DR, but I would like to point out that as you know, no information exists "on the google" - Google contains no information, it only indexes sources of actual information.  And that Indian Express has removed its older archives has nothing whatsoever to do with that being "inaccurate information", and it has nothing to do with Google. So that argument is not valid. --bonadea contributions talk 13:14, 30 June 2014 (UTC)