I know this deal has been stuck trying to get back to trade after the management changes...but I am heartened with the following:
-Salaries are reasonable
-Cash has been deployed into ohter listed start ups and the company states they have had succesful exits
-Net assets per share have grown
-Management,mostly Malhi family has a big position in this with over 20% interest and a recent purchase of 18M shares at $.065...their interests are very much aligned with shareholders.
The only negativeon this deal is IFFCO and they own 9.9% of the stock. There have been corruption scandals at IFFCO and they are an unnow as to how they will dump their stock when we come back to trade. They own approx 23M shares.
Iffco management was charged with corruption and they are left over from previous Growmax management. I am going to put in stink bids around $.03 and hope that IFFCO dumps into it, and we clear that out and move up quickly after that.
In the case involving IFFCO MD, commissions paid by overseas suppliers diverted through Saxena’s firms: CBI
Rajiv Saxena, who has been named as an accused in the case registered by the Central Bureau of Investigation against the managing director and chief executive officer of Indian Farmers Fertiliser Co-operative Limited (IFFCO) and others, is also being probed in the AgustaWestland case.
Accused of having facilitated transfer of kickback money in the VVIP chopper deal case, Mr. Saxena was brought to India from Dubai on board a special plane in January 2019. He had been operating from the United Arab Emirates for the past over two decades. In July 2017, the Enforcement Directorate had arrested his wife Shivani on money laundering charge.