Trading of the RIGHT ENTITLEMENT in the stock exchanges

Back-ground: In earlier days, there used to be trading in the renounciation forms in case of all listed Comany issueing fresh shares by way of Right issue. There is absolute need for a platform for such trading to help investors to dispose off their entitlements in a transparent form. There is talk of SBI coming up with right issue with lakhs of shareholders.
Suggestions:With a few simple steps , it possible to start trading of the RIGHT ENTITLEMENT in the stock exchange(s) where its existing securities are listed and being traded.On announcement of a record date/book closure date for any issue, the Company should create an Demat ID in cooperation with depositories (CDSL & NSDL) for the right entitlements and apply for permission for trading such entitlements to the stock exchange(s). On the record date, the Company should allot appropriate quantity of entitlements to the respective beneficiaries. However, for shares held in physical form, an intimation as presently shall be followed.
Trading in the stock exchange(s) should be allowed with effect from the 1st day of acceptance for such entitlements on a trade to trade ,as per the standard terms and usages, basis and should expire 3 days before the closure day and settled as usual.
For applying for shares in acceptance, beneficiary should submit off market instruction in favour of Escrow a/c in cases of entitlements in non-physical form. For applying , the ASBA e-forms may be suitably modified .As this will help in curtailing errors during manual processing and time, the process of the right issue should be smooth as in cases of IPO.

Uniphos Enterprises : A Hidden Gem

A review of Uniphos Enterprises Ltd balance sheet was quite revealing & is being summarising as follows:-
  
It has capital of Rs. 5.09 crores comprising of 2,54,74,670 shares of Rs. 2/- each; it is in the hand of just 22 shareholders who own over 75% of the capital; the promoters stake is high at 45.61% Its principal business are owning strategic land and investments owning 5.68%  of the capital of United Phosphorus, i.e., 2,49,85,130 shares of Rs. 2/- each. Effectively, any one owning 102 shares in U Enterprises is owning 100 shares of UNITED PHOSPHORUS.

Anyone considering acquiring Enterprises shares must have a long-term views for eventual rewards. Besides, owning UNITED PHOSPHORUS you are sitting on a land with an appreciation of Rs. 145 crores against debts amounting to Rs. 72.95 which is to be repaid against proceeds of a right issue for Rs. 75 crores inclusive of premium. Guessing the terms for right issue is difficult ; it may be even 3 right shares @ Rs.20 against every 2 shares. 
Shroffs had over the past few years first vested lands in favour of Enterprises & then cashed it & accumulated a corpus of over Rs. 194 crores against a migre investment of barely 5 crores.
I think right issue shall be so prised that most of the minority shareholders will NOT be putting in any funds & Shroffs will enhanced their grip on the Company.  

Negative points:

Very reluctant to pass on benefits to shareholders as evident by surplus in Profit & loss a/c exceeding Rs. 18 crores but no DIVIDENDS for shareholders.