RE: Current L&T Story

Dear Shenoy,

Whereas all that you are hearing from the market , may be facts , my idea behind launching " L&T Story " on my blogging site , was to highlight our personal experiences when we worked at L&T - experiences , that brought out the Values / Culture / Philosophy of L&T which prevailed then

And , we had plenty of such positive experiences

Given the current scenario , it is all the more necessary that the world gets to know L&T's past and be in a position to compare it with L&T's present !

Incidentally , I managed to find that report " Solution " , but , it seems , I have lost the copy of " Problem "

If someone has it , I would be obliged to get it

In course of time , I will upload " Solution " on my site ( under section " Reports " )

regards,

hcp

From: Haridas Shenoy [mailto:hrshenoy1941@gmail.com]
Sent: Thursday, December 17, 2015 10:36 AM
To: Haridas Shenoy
Subject: Current L&T Story

I received this from a relative, who received it from a broker.  The other day, after a long time, I walked on the stinking foot path from gate no. 7 to gate no. 5.  My heart sank at the loss of Switchgear, TENGL etc.

It really hurts.

Another Satyam in making - L&T
L&T was founded in year 1938 by Danish engineers Mr Larsen and Mr Toubro. Now state owned LIC and UTI are majority stakeholders. Likes of Chairman Mr Naik (aged 73) who joined as entry level engineers in 60s are treating L&T as their personal fiefdom. Caution – Big Danger
Ahead!! L&T in melting - devil or the deep blue sea - stake sale or post
losses.
Complete stake sale at Dhamra Port (Rs 2500 crores) to Adani group
saved LnT from posting losses in q1-2014. LnT Inra stake sale to Canadian FII (2000 crores) saved LnT from posting losses in q2-2014. LnT Finance not made any money for shareholders in 6-7 yrs, 10% stake sold to Bains, 1300 crores.  Kuttapali Port deal final with Adani. On a look out to sell Rajpura Power plant – cost 9600 crores. Plans to sell 15% stake at LnT Infotech to raise 2k crores.  Threatened to pull out from Hyderabad Metro 16 k crores, LnT opts out of GAIL tender to build LNG carrier, scraps Kachchigarh Gujarat port project. L&T’s commercial real estate project in Chandigarh sold to Carnival Group – Rs 1785
crores. LnT Halol Shamlaji Tollway defaults on Rs 1014 crore loan. LnT Chennai Tada Tollway defaults on Rs 475 crore loan. Inherent malignancies – Hydrocarbon and Ship Building losses of Rs 900 cr each, Hyderabad Metro cost overruns Rs 4k crores, Rs 5k crores stagnating investment in Defence. Financial mismanagement charges see a dozen leaving L&T Hydrocarbon arm. Aging CXO-MD population of
septuagenarians, leading the pack 73 yrs old Chairman Mr Naik completed 50 yrs with LnT as Paid Employee. LnT stock touched 18 month low of 1412, from all-time and 3 months peak of 1879. Total consolidated debt 2014-15, 90.7 thousand crores. Lost whopping 20 percent in last 3 months (ending Sep 2015).  Post Q2 results 3 yr low of 722 ? Another Satyam in making - L&T like Satyam was barred by World Bank over FORGERY !

HR Shenoy, 7666128505

Co-Founder, Tejora Technologies Limited, tejora.com