Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Hi All,
Just wanted to share the questions that have been raised by Mr Hemant Kumar Poddar, in the hope that having them out in the open makes them harder to ignore for the management.
Here are our queries.
1. Do you, Mr. Shishir Poddar as the Managing Director of TG intend to develop downstream units in TG? If you do, why has the same not been undertaken in the last 3 years?
2. We understand that TG is outsourcing all its manpower and management staff from PranaGraf, which is a company owned by Mr. Shishir, CMD of TG. Also, every equipment and services required by TG is being channelised through companies owned by Mr. Shishir. Is this the right way to manage a public company? Should it not have its own organisational structure to manage its business? How can TG be made so subservient to another entity? Does the management of the company intend to stop these related party transaction being carried out in the personal interest of management of the company?
3. The present management has brought the company to a stage where it is heading towards bankruptcy. Does the current management have any plans to manage this situation without further infusion of funds in the company? If the current management of the company has any plans to come out of this current situation, then please let the same be known to the stakeholders.
4. The company does not have any communication system regarding its operations and is shielded by the current management due to vested personal interest of the individual. The company has no system of transparent communication even with board members. How does the company propose to have more transparent communication internally and externally?
5. The company in the past had a host of experienced, knowledgeable and qualified NEDs appointed on the board to oversee and help the management to make best decisions for running of the company. However, none of the NEDs would stay long on the board due to irregularities in management and subsequent suggestions from the NEDs were never taken by the company in the right spirit to improve its governance and ecosystem, which is reflected in the performance of the company as it stands now. Upon appointment of new NEDs, how do you propose to change this attitude of management for the future working of TG in the best interest of the company and its stakeholders?
har**** poddar back posting on here ???
Great to have contact with someone from the group, would you mind clarifying for me whether Ms Isabel de Salis had left TGR before joining the group?
Saluc, for once try and actually engage rather than throw the conversation off in another direction.
If those are questions from Hemant then they are very damning wouldn’t you agree, considering he is the cofounder of TGR and part of the concert party alongside Shishir?
As for being part of the group I don’t think Hemant is unless you know otherwise? It’s difficult what with being joint owner of all those millions of shares with Shishir…
Anyway that posts aligns with what I was saying on here a few weeks ago - all those NEDs resigned including a founder and family member for different reasons to what was shared by Shishir / TGR at the time
HarChris thanks for your input. Really helpful.
“If those questions are from H Poddar” - exactly it’s a big “if” and it’s coming from an account with 2 posts. I’m sure if he was wanting these questions answered and obviously doesn’t mind being quoted he will have used a more transparent approach.
My second reason for questioning the legitimacy of the post - “Just wanted to share the questions that have been raised by Mr Hemant Kumar Poddar”. The author then begins by saying “Here are our queries”. So was it Hemant or a collective of people?
So no I won’t engage with any post unless there is factual evidence to prove their legitimacy. I thought I would ask an important question from someone making out they are involved with the group.
Key for today will be whether people believe the answers given and if they do, what makes today’s answers more believable than all of the other company statements in the last 12-18 months.