[buffet]

It seems SKR won’t settle any issue(Axis/LOC/Daum) before warrant approval.

[Logan]

These things have a timeframe right? The court has to give a verdict within that period?

[buffet]

In general thr is 180 days limit for NCLT case closure but they may have received extention because of covid situation. Nevertheless it shouldn’t exceed more than 365 days.

[manas18goel]

It seems SKR won’t settle any issue(Axis/LOC/Daum) before warrant approval.
———>
If this is true then it is a serious moral issue with management. Although we don’t know it, so let us wait.

Plus, I am wondering what happened to the money raised to preferred issues. That was meant for Axis. They should have paid that amount to Axis and settled but only 5 crore paid as per last update.

[buffet]

Axis has blocked PO money with NCLT order. BCG can’t use that money anywhr. In preferential offer BCG has mentioned Axis setttlement as one of the reason for raising it.

[Remesh]

Buffet, Axis might have blocked that money to be used for other purposes. How can they prevent the company from using that money to clear the debts?

[buffet]

I meant that money can be only used for axis settlement & not for other purpose. Axis will let it remain blocked till both parties agree settlement.

[Logan]

I think if he has to use that PO money then he should pay 24crs or something (the first agreed ots amount).

I don’t think he’s ready to do that and even Axis won’t agree to the amount that BCG is willing to pay (8-9crs).

[odysee]

So the question arises @Logan, as to how and when this stalemate gets resolved? The gap between the 8-9 crore BCG offer (assuming no upward revision) in all these months of ‘negotiations’, and the expectation of around 24 ( if so) crore by Axis is proving very difficult to be bridged. Or so it would appear. Appearances can be deceptive, and I wouldn’t in the least bit be surprised if this whole charade is part of a much bigger game-plan. Under normal circumstances, and as stated publicly by Mr Reddy, both sides are ‘keen’ on a settlement. It is only the interpretation of the ‘almost done’ bit that needs deciphering.

[nitin_asce]

I think we are getting very pessimistic. Last nclt update said that bcg has made some payment to axis. This generally happens when broad understanding is reached between both parties. So I think the payment amount is fixed.

Rest looking at the issue of warrants, I think that everything is planned and we as a retail investor don’t know anything. We have to wait xnd see what happens next.

FYI since initial payment is done I think axis matter is sorted out. Only thing is we will hear it only once company themselves wants to announce it. Test legal process also tKes some time.

[drjaysee]

Dear @Nitin_asce, totally I agree with you. I have seen the NCLT Court order dated 19 Nov 2020 stating that “Counsel for the Respondent stated that they are making all efforts to settle the matter and talks in this regard are in progress. He further stated that during pendency of the instant CP, they have made a part payment of Rs 5.5 Crores. Submissions are recorded. Both sides are directed to submit the outcome of discussions on the next date of hearing. In case, if the matter is settled, both sides are directed to file joint memo of settlement signed by both parties and counsels”. This clearly shows that there was a agreement of settlement amount between both the parties in front of the NCLT and definitely some good progress is going on internally to solve the issue amicably. Let’s be optimistic and wait for yesterday’s NCLT order outcome (May be today or tomorrow we will come to know).

[vgsatwork]

Preferential Warrant – Approval from Exchange is likely going to take longer given that for the preferential issue to Muskan, they got the approval from BSE in 2 weeks and for NSE approval, they had to wait for about 10 weeks or so.

Given that and seeing what we have been seeing w.r.t Axis/Daum closure being dragged on for almost a year now, I do not think either of this will be closed till the company receives the approval from both exchanges.

We may have to sit tight till Q4 results I guess to see significant price action in this stock..

[vgsatwork]

What is happening to dividend that was approved in AGM on 28th Dec 2020? It’s been over 3 weeks and I have not received any? Anyone has any update on this?

[vgsatwork]

@buffet Response to discussion thread # 10135
There was no clarity and infact the notice for the EGM voting for Preferential offer did not had details around the objects of the issue and subsequently there was an update from the company almost 3 weeks AFTER the notice and just a day before the voting start date that the funds would be used for reduction in bank debt and to meet other financial obligations..

From the above, it was clear that not all the money from the preferential offer was meant to close the bank debt and there was a plan to use part of the money for some other purpose and may be that is the reason why Axis bank might have blocked the money to have full claim on it.

[tanv151]

@vgsatwork dividend will be paid on or before Jan 25th. Please see below, extract from the Annual Report.

7. The Company has fixed Monday, December 21, 2020 as the ‘Record Date’ for determining entitlement of members to receive final dividend for the financial year ended March 31, 2020, if the same is approved at the AGM. Payment of Final Dividend, as approved, shall be subjected to deduction of tax at source, and the net dividend, will be paid to eligible shareholders on or before January 25, 2021.

With regard to exchanges approving warrants, last time NSE took longer than usual due to missing document like PAN Card. I hope BCG management has learnt their lessons and submitted all the documents this time. If so, we should see an update in a week or two, unless exchanges need more details apart from the standard ones.

For Axis, I don’t think there is much to worry about. If you see updates given on NCLT doc and on Conf calls, it is quite evident that both the parties have agreed on a specific amount to settle this case. This has been kept on hold so BCG can cite this as one of the reasons to raise money through warrants issue.

[VALUEBUYER001]

Brightcom group share is out of ASM stage 1. From now on no problem for contineous rally ut can even go 10 days contineously they cannot question is my views.congratulations to All long term retailers

[buffet]

@vgsatwork,

Nobody have received dividend. Hopefully we will get by 25th Jan as communicated to exchanges.

[VALUEBUYER001]

In my opinion all issues are cleared. They are waiting for exchanges approval for warrants. Once bcg gets all news which are deliberately kept in abeyance will come out automatically

[VALUEBUYER001]

Buffet dividend will come promptly

[Raj]

One guy on Mc forum was saying they got approval from one exchange and other is still pending.. Don’t know how true is this statement.. If its true, then, we can see the pw approval in a week time.

[Author]

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