Thanks Ajay. Will keep these points in mind.

Anand Kalyanaraman

Thank you, Deepak. Yes, the NBBO is an interesting idea.

Anand Kalyanaraman

Thank you.

Anand Kalyanaraman

Thank you.

Anand Kalyanaraman

Thank you.

Anand Kalyanaraman

While we prefer to speak to sources who are willing to go on record, that is not always possible in journalism. Sometimes, the sources we speak to may not always be official spokespersons.But they have insights and inputs that add value to the story. They speak in their capacity as subject matter experts, and not as representatives of their organisations. In this, they do not violate their employment contracts but do not want to be named. We respect that.

Anand Kalyanaraman

Thank you.There is some precedence in the case of Essar Oil, where after delisting, Sebi asked the promoters to pay more to the shareholders who tendered shares in the delisting. This was based on the higher price at which the business was sold to Rosneft. The link below might help. https://www.livemint.com/Money/WH5lh8Rwsiz11ZjfKeyw6I/Essar-Oil-minority-shareholders-to-earn-more-on-shares-tende.html

Anand Kalyanaraman

Thanks for the comment. There can be different aspects to a story. The one we thought is more important to highlight is the company's dilly-dallying, the regulatory action that has hurt more than it has helped shareholders, and the uncertainty that remains even after SAT has delinked the delisting from the forensic audit. Please do share your thoughts on the role of PE in the saga. Will try to use them in a future story.

Anand Kalyanaraman

The free float (public shareholding) is quite good at about 47%. So, it seems unlikely that low liquidity is driving prices. I think high profitability ratios, by themselves, and small equity base don't justify expensive valuations.

Anand Kalyanaraman

Thanks. Interesting point, will check.

Anand Kalyanaraman

Thank you.

Anand Kalyanaraman

Thanks Alok. Good point - yes, better to have these disclaimers prominently at the top of reports.

Anand Kalyanaraman