Smart People: Ashok Kumar Parmar

SMART EYE

, 53, earned the sobriquet of 'Pune raider' last week when he made news demanding a board seat in Videocon Appliances as his holding in the company crossed 10 per cent.

Has Parmar joined that select gang of greenmailers, including Arun Kumar Bajoria and Pawan Kumar Sanwarmal, who revel in shaking managements out of complacency in order to realise the true value of their shares?

This high net-worth investor, however, says his acquisition bids are not of the hostile kind that the latter two are famous for. Parmar's purchase of the stake in Videocon came close on the heels of his acquiring a 10 per cent stake in Indian Hume Pipes.

He has been vying for a berth on the Videocon board and in the event he does not get one by virtue of his stakeholding, he says, he is willing to hike his stake to 15 per cent and make an open offer to the public. He isn't bogged down by the fact that his previous attempts to get board seats in listed companies, including Indian Hume Pipes, Sai Service and Elecon Engineering, faltered.

"It is the undervalued nature of the scrip and the abysmal P/E valuation that attracted me to the Videocon counter," he says. "I am always attracted towards firms with compelling valuations and strong business models," he adds.

A builder by profession, Parmar prides himself on being a self-made man with humble roots. Hailing from Belgaum, Parmar joined a CA firm in Pune (on a paltry salary of Rs 150 a month) after graduation, chasing his dream of earning either a CA or an ICWA.

Later, he abandoned his plans for higher studies and ventured into the construction business in 1983. Since then there has been no looking back.

However, his long stint in the business has shown him the slimy underbelly of the construction segment. That's why he doesn't want his three sons - who are alumni of the hallowed IIMs - to follow his footsteps.

"I want my sons to develop business acumen on their own," says Parmar. "However, if they come up with the right idea, I would have no problems helping them set up a business," he adds.

His favourite pastime? He tends to his garden and flips through newspapers. With the headlines screaming 'Pune raider', Parmar is enjoying all the attention he has been getting lately.

But for the minority shareholders in Videocon, this attention will be well deserved only if they can see some action at the counter.