Risky behaviour
A group of ‘friends’ put up a stall in a ‘fair’. One game that belonged to me was the main attraction. Many people came to our stall…and did a lot of things. 3 older ‘neighbors’ split the money among themselves. All of us in smaller classes – below class VI – were left sucking our thumbs. Nice learning. Not expensive perhaps but a good learning – I still remember it over the past 35 years.
One Chairman sold me shares of his company for Rs. 20. As a broker I picked up in excess of 1 lakh shares on behalf of many clients. It listed. Most of us sold – at prices ranging from Rs. 45 to Rs. 72. At Rs 72 I found an eager buyer – it was the Chairman. He said the company was doing very well – though everybody from his gurkha, driver….and others told me it was doing badly. Then one day the Chairman committed suicide.
Another Chairman. Another Company. Same story – company went to BIFR. Tough lessons.
Did an assignment for a company. Company had defaulted on all payments…I was stupid enough to think they will pay me. Stupid me!
A Chennai based company started doing broking business in Mumbai. They got cheated by a Gujarat based group. I got bankrupted.
Another Chennai based company used our services for entering brokerage business in Mumbai – they lost heavily. Now they are in truck financing, life insurance, banking – but their mutual fund business shut down! Once they came to me with a big bag of shares – and said they would give it to me at half the value. I refused. They are still holding the bag perhaps! Good learning, no financial loss.
Will do a series of articles on risky behaviour. Maybe I could write a book on risks!
Learning: If you want to get paid you should know what value you are delivering and have a written, enforceable contract from a party who is bothered about the law and his reputation. The Chennai based company which bankrupted me is now bankrupt. Some consolation!
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