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Inox Green Energy Services: Consultants Become `Key Managerial Personnel’!

The draft offer document of Inox Green Energy Services Ltd (IGESL) has a peculiar disclosure. The company has listed five people as Key Managerial Personnel. Of these, two are the whole-time directors namely Manoj Shambhu Dixit and Mukesh Manglik. The other three are `consultants’ hired without remuneration! Strangely, none of the Inox-Jain family members, promoters of the Inox Group, are on the board of IGESL. Promoter-family member Devansh Jain is named as one of the consultants along with Kailash Lal Tarachandani and Jitendra Mohananey. Devansh Jain is a whole-time director of Inox Wind, Kailash Lal Tarachandani is CEO and Jitendra Mohananey is senior vice-president of Inox Wind. The 2012-incorporated IGESL proposes to float an IPO of Rs 740 crore. Though loss-making with an accumulated deficit of Rs 367 crore, the company has managed to raise a huge share premium amount of Rs 920 crore based on which it may even ask the IPO investors to shell out hefty premium. But, is the management capable of rewarding the investing public? The track record of the parent company, Inox Wind would surely advise caution.  In the so-called `disclosure era’, the dismal performance of Inox Wind under the same management should have been the main risk factor that the market regulator should have insisted on for the benefit of the prospective investors of Inox Green. By arrangement with