Ann: Ceasing to be a substantial holder, page-6

When you're gifted shares at a very low price, it only makes sense to take risk off the table and lock-in some handsome gains, just in case. JP certainly seems to work that way from past observation. Obviously MRF is still spec, so any number of things could go wrong too. Having said that, he may choose to hold a few for any upside. We won't know until the next Annual Report, where they include the T20 on the register at the end.