"My intention is to clean up the company and restore it to a strong asset based company and then step down as a CEO.
"A new CEO will then be appointed to take over the company. The last few years, I have always made this intention quite clear," he said in a statement today.
He also said that at the company's annual meeting last year, the Maika board had proposed resolutions to sell off all assets of Maika and distribute the surplus to the shareholders."The company would have been in a position to buy back at a minimum of RM1 per share which also includes it bonus shares. However, that plan had to be put on hold due to injunction by a shareholder to stop us on acting on those resolutions," he said.
He added that Maika directors had had discussions with the particular shareholder in trying to come to an amicable solution.
EGM proposed
At the same time, Vell Paari said, the board has also submitted an application to the High Court seeking for a date to hold an extraordinary general meeting (EGM).
"The court has set Dec 2 as the date to hear our application and if successful, we would then immediately call for an EGM to approve the said resolutions and refund the monies back to the shareholders," he said.
Vell Paari was responding to criticisms levelled against the Maika management team by former Federal Territory MIC chief VKK Teagarajan yesterday.
Teagarajan said that a weak management was to be blamed for the financial woes of Maika. He also proposed that the government pumped in RM150 million to bail out Maika.Teagarajan, who is vying for the post of deputy president in party polls next September, also said that some of the investors were forced to sell their shares at 30 sen.
On this, Vell Paari said that he would be asking his officers to liaise with Teagarajan to obtain more details on the 30 sen deals.
A new company to take over
He added that he was also aware of some unscrupulous people who were preying on innocent shareholders so that they can make a quick minimum 70 sen profit per share.
"We have always advised shareholders not to sell below RM1," said Vell Paari, who is the son of MIC president S Samy Vellu.
He also gave his personal opinion of the way forward for Maika, based on feedback he had received from investors were not interested to cash out and wanted the company to continue.
"I suggest that the funds of the remaining shareholders who have not taken up the offer to cash out be transferred into a new company and making these remaining shareholders the new shareholders of the new company.
"Maika Holdings would be liquidated and the remaining assets of Maika Holdings are to be transferred into the new company," he said.
He said that the new company would have a new set of board members appointed by the shareholders.
"The board members have to be appointed by at least 75 percent of the voting shareholders. At least 26 percent of its shareholders have to be spread among individuals.
"Major investment decision in the new company has to be approved by at least 75 percent of the shareholders present in the company meeting," he added.
He said that MIC too can play a role by urging the government to channel some projects into the new company.
Defending his record
Vell Paari also defended his track record as Maika's CEO.
"When I took over as the CEO in 1999, Maika was technically insolvent. Now with the help of the board, we have RM150 million in gross assets," he said.He added that the government has been helpful in solving some of Maika's financial woes through the national asset management company Danaharta.
Maika, a brainchild of Samy Vellu, was established in 1982 purportedly to enable Indian Malaysians to have a share in the country's economic growth.
Some 66,000 investors had put in about RM106 million of their hard-earned cash into the venture.
However they have grown disillusioned after seeing little returns on their investments, with many accusing the company of squandering the capital through dubious channels.
4 comments:
like the song and dance routine'who let the dogs out' veil pari should explain where the telekom shares disappeared to, after a 28 year investment you want to return the principle sum, my frien veil are you joking, 'all profits were privatised and all losses socialised' moto holds true here, what happened to all the fat profits, did they go into the private pockets of the samy and cronies? after 28 years, just imagine a lifetime of work and savings if kept in safe deposit at the princely sum of RM50,000 AT a lowly interest rate of 3% over 28 years will get you an interest profit of rm42,000.00, with your principle amount of rm50,000 still being safe, so that gives you a total sum of 92,000 clamshells, but wait a minute, didn't samy vellu brag that the maika shares were actually undervalued from its actual value of $8.00, he made this statement in front of a crowd in 2004, thats when some investors took him to his word and took him to court, they were demanding samy to buy back the shares at the price he bragged, so whats this veil parri, MIC TOOK INDIANS' LABOURERS MONEY, WENT INTO BUSINESS, MADE A LOT OF MONEY, NOW CLAIM NO MONEY, SO WITH THE GENEROUSITY OF ITS HEART MIC WILL RETURN BACK YOUR PRINCIPAL AMOUNT. WOW WHAT ACCOUNTANTS?.
BRING THIS OFFER DIRECTLY TO THE ESTATE WORKERS PERSONALLY VEIL, AND DON'T FORGET TO bring sam with you, lets see what the investors will do to you, chopped haggish anyone?
MALAYSIANNIGER HAS THIS TO SAY.....
GIVE UP MAIKA TO MALAYSIANNIGER AND MAKAL SAKTI.......
I MALAYSIANNIGER WITH MAKAL SAKTI AND WITH THE 66,000 INVESTOR WILL BUILD UP THIS MAIKA TO STRONG BASE CAPITAL AND INVESTMENT COMPANY.
YOU NEED BRAINS TO DO ALL THIS....
DO NOT JUST CON AROUND,BY SAYING SOMETHING TO THE INVESTER AND THE INDIAN COMMUNITY,THINKING WE DO NOT KNOW ANYTHING.
JUST TRY ME OUT......
I DO NOT CARE WHAT MAIKA IS IN RED......
HAND OVER AT ANY TIME...
MALAYSIANNIGER WITH MAKAL SAKTI WILL PROVE YOU THIS MAIKA CAN BY MADE IN BLUE IN NO TIME.......
I MALAYSIANNIGER KNOW THAT YOU VAL PARI AS THE CEO IS NOW IN CONTROL OF MORE THEN 40% SHARE OF THIS MAIKA.....NAME YOUR PRICE
I MALAYSIANNIGER WITH MAKAL SAKTI IS READY TO PAY....
TO SAVE THIS INDIAN COMMUNITY FROM YOU AND YOUR FATHER SAMY VELOO...
MALAYSIANNIGER WITH MAKAL SAKTI...
WHY CHOOSE THIS PRICK WHEN THERE ARE MANY OTHERS WHO CAN RUN THE COMPANY BETTER WAYS AND MEANS?
WHAT IS HIS QUALIFICATION? OTHER THAN TAFE COLLEGE PERTH,SOME DIPLOMA.HE WAS HALF THE TIME ROAMING AROUND WITH WHITE FEMALE IN RED MERCEDEZ SPORT SERIES COnVERTABLE. HIS FATHER,UNCLE SAMMY USE TO VISIT FOR HAIR(MAYEERE) TRANSPLANT WHICH COST ABOUT A$400PER STRAND IN 1994/1995.WTF?
MY PARENTS BOUGHT SHARES IN MAIKA HOPING THIS IS 1 OF THE WAYS OUT FOR INDIANS IN THIS COUNTRY. TRUE BLUE 1 WAY OUT ALRIGHT,,,,,,,,,,IN TO FREAKIN HELL HOLE CALLED MAIKA HOLDINGS.
GOVT IS NOT DOING ANY SHIT ABOUT PEOPLE'S MONEY.THAT IDIOT CALLED SOTHINATHAN IS THE PRICK WHO MADE THE COVER UP FOR THIS ASSHOLE. AS SAID BY MALAYSIANNIGER,THIS ASSHOLE CANNOT BE LEFT ALONE. IT IS A TREASON TO THE INDIANS COMMUNITY.YOU SHOULD A NATIONS PUNISHMENT FOR TREASON?
GOOD FOR HIM ,ASSHOLE AND HIS SON
- ASSHOLE'S BINAMY WAS JAI SHANKAR(LATE ACTOR) IN INDIA.AFTER PASSING AWAY JAI SHANKAR'S SON TOOK ALL BINAMY'S SHARES.....ASSHOLE LEFT LIKE HIS HAIR(MAYEERE)
- BUYING SOME CONEMA RIGHT BUT PAID THE MONEY IN INDIA WITHOUT ANY EVIDENCE. THOSE JOKERS RECEIVED THE MONEY ARE HAPPY.
YOU 2 BASTARDS DESERVE IT.THIS IS JUST THE BEGINNING,,,MORE TO COME,,,,TOO MUCH CURSES FOLLOWING YOUR TO THE COFFIN
I AGREE WITH MSIAN-NIGER,,,,GET THESE MFs OUT OF THE WAY.LET COMPETENT PEOPLE RUN THE COMPANY
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