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Rupesh Savla: Getting it wrong the second time around
Apr 23: There is more bad news for Rupeshbhai Kantilal Savla, the managing director of Deep Industries Ltd
8After a two-year blacklisting of the company by ONGC for providing false information on a contract, Salva has now been delivered a show cause notice by SEBI for insider trading.
8SEBI has detailed the manner in which Savla has gained by indulging in insider trading from advanced information that his company had won ONGC rig tenders
8Clearly, things have not been above board for Deep for some time now
Comment: There is a certain devil-may-care attitude among a lot of Indian oil and gas entrepreneurs. They start off small, usually as agents of suppliers, and then, eventually, after learning this complicated business well enough, venture out on their own. ONGC, through a maze of rules, has kept its entry barriers high, allowing only those which are nimble footed and well connected through its doors. The provision of onland rigs or gas compression units, in which Deep Industry specializes, should usually have a reasonably large number of players in a country such as India but only a handful of those who are most persevering make the grade. And some of those who do, believe they can get away with anything.
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