Oct 17, 2013, 05.00 PM IST
The CBI registered a case against industrialist KM Birla in connection with alleged irregularities in allocation of coal blocks in 2005.
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India Inc defends KM Birla, slams FIR against him
The CBI registered a case against industrialist KM Birla in connection with alleged irregularities in allocation of coal blocks in 2005.
Like this story, share it with millions of investors on M3
India Inc defends KM Birla, slams FIR against him
The CBI registered a case against industrialist KM Birla in connection with alleged irregularities in allocation of coal blocks in 2005.
Defending Birla, Adi Godej, Chairman of Godrej Group said that charges against KM Birla are ridiculous and it would create a negative perception about our economy. "Hindalco owned only 15 percent of that company. It doesn't own the company. Just because some coal block which was reserved for the public sector is partially allocated to the private sector, it cannot be termed wrong. So I think it's a bit ridiculous; it'll spoil sentiment, perception and several things have been done which will create negative perception about our economy," he elaborated.
Coalgate: Naming KM Birla is to tar system & maybe save PM
Agreeing with Adi Godrej, Chairman of Manipal Global Education Mohandas Pai added that naming KM Birla was depressing. "I have never been so depressed about my country in the last 20 years as I am today, especially, after what they did to Kumar Mangalam Birla because if the investigative agency says there's a conspiracy and then the minister in charge and later the government gives him licence for which he applied many years ago without having hard evidence this is a sad commentary on the state of regulations in this country." he added.
Corporate Lawyer Zia Mody feels that putting a respected industrial leader in the limelight in this manner would take India Inc back many steps.
However, CBI director Ranjit Sinha said that they are going by the rulebook. Shares of Aditya Birla-promoted firms such as Hindalco Industries , AB Nuvo and Idea Cellular took a beating post this (FIR) report.
On October 17, 2013, Hindalco Industries closed at Rs 111.20, down Rs 1, or 0.89 percent. The 52-week high of the share was Rs 137.00 and the 52-week low was Rs 83.05.
The company's trailing 12-month (TTM) EPS was at Rs 8.47 per share as per the quarter ended June 2013. The stock's price-to-earnings (P/E) ratio was 13.13. The latest book value of the company is Rs 161.96 per share. At current value, the price-to-book value of the company was 0.69.
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