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Whatever the Odds..! |
With private real estate builders facing many problems due to the government regulations in 1970s, DLF chairman Mr. K,P Singh had almost decided to exit the real estate business by selling all his shares that would have given him and his wife Rs. 26 lakh each.
Whatever the Odds..!
"It was January 1975. I picked up my pen to sign a share transfer form. I was about to sell all my shares in DLF," Singh revealed in his autobiography 'Whatever the Odds'.
Mr. K.P Singh added, "On the desk before me was a cheque in my favour for Rs. 26 lakh, being the about book value of the shares. It was the amount I would get for severing my links with DLF forever,"
K.P. Singh's father-in-law had told him to sell his shares in DLF, he said.
"One does not even think of questioning the family patriarch, one simply does what one is told to do. That was the culture in our families," Singh writes in Whatever the Odds..!
However, the company's then Chief Financial Advisor Mr. Y.S. Tayal cautioned Mr. Singh to think carefully before signing the share transfer document.
"I will be retiring from DLF in a few weeks, so I can speak my mind freely. I feel it is my moral duty to apprise you of the implications involved. Once all of you sign all the share transfer forms and accept the cheques, it would mean that your family will get permanently disassociated with DLF forever. Please think about it," Mr. Tayal had said.
As per the proposed share sale agreement, Singh and his wife Indira were to get Rs 26 lakh each. Indira's sister Prem was to get Rs 20 lakh for selling her stake.
Mr. K.P. Singh told, "It was a wake-up call for me. In a flash, I realised the truth of what he was saying and the implications of giving away my DLF shareholding,"
The chairman of the country's present largest realty firm recalled that his father-in-law had almost closed down DLF after private sector developers were forced out of urban land development business by government regulations.
"Had I signed it, my DLF story would have ended there and then. My life would have been entirely different and, perhaps, this memoir would never have been written," Mr. Singh said.
Now, DLF Ltd has a market capitalisation of Rs 35,360 crore and Singh and his family members hold 78.6% stake in the company.
The book is an interesting balance between a personal story of an extraordinary entrepreneur and a motivational writer who has some serious management lessons to share. Real Estate development in India is inextricably linked to the rise of DLF.
ReplyDeleteThis book is really a great source of inspiration for new generation.How people can reach such a great height,no one can know.I like this book which reflects the extra ordinary personality of K P Singh,the pillar behind DLF.I wish him good luck.
ReplyDeleteB K KUMAR
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