The two companies signed an agreement today. Holidaybreak's shareholders will get 432.1 pence per share in cash, a premium of 35.5 per cent to the closing price of the company's shares on July 22.
Was Kerkar duped by his employees, as he claims, or did a cocktail of greed, poor cost control and bad management bring the travel firm down, wonder Pavan Lall and Aneesh Phadnis.
The 'mystery' of the education business sale by Cox & Kings is part of an Enforcement Directorate investigation, which is also examining the siphoning-off of funds to the tune of Rs 21,000 crore to dozens of so-called related-parties, highlighted by the forensic auditor.
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