A few years ago, I had started tracking HOV Services when it was trading at Rs.35 levels, and covered it extensively in my valuation workshops and even on my blog. This Pune-based BPO was set up in 1989 as Codec Communications. However, its Indian operations is not the story — the value lies in the company’s investment in the Nasdaq-listed Exela Technologies. But before that, we need to know how the script unfolded in the past.