Micro Inks - a discussion

An interesting discussion on this stock is on at http://valueinvestorindia.blogspot.com. A few premises have been laid -
1. Is the German parent in attempt to delist the company?
2. Or, has something gone terribly wrong - with directors resigning and selling shares?
3. Significance of an open offer of 675 rupees/share to the shareholders of the company on Jan-13-2006. (the steep slide in the share price of the scrip started from then, when it came down from 625 rupees to 410 rupees in the next 30 days)
4. The analyst presentation is rather low on the business strategy of the company. Infact, more stress has been laid on how MHM Holding GmbH can exploit synergies by making India the production base for all it's subsidaries abroad.

... the company has an NCAV of 126 rupees per share which is excellent and a fwdPE of 16.52. Any insights?