In addition, Venkataramana felt that the significant deterioration of AWT’s financial health over the past three years indicated poor leadership. He cast doubt on the board’s ability to lead the company, citing repeatedly bad corporate decisions that he argued had been made. In Venkataramana’s view, the board has also not undertaken adequate project financing planning, given the bad cash flow management in the company.
“Nobody has said that this is a bad company or that it lacks strong fundamentals. But the company is in trouble because of poor cash flow management.” — AWT Investor, 31 July 2009 (The Business Times, Singapore)