[Sobha]

Diana, Yes. I do remember. Probably the amount is 2 or 3 crore more than 33. Because total demand of axis was near to 40. For that 2 or 3 cr they are extending the case for 6 months.

[Diana Horton]

@sobha:- For the company , Paying Rs 2 Cr as DIVIDEND is also an issue, let alone Rs 11 Crore – Not an issue.

Axis asking Rs 35 Crore is not what stated by the management.

There was an amicable amount accepted by both the parties and the Only pressing issue was Axis Sobha.

Daum was a settled issue as stated by the Management way back in the month of March 2020 and the Koreans themselves are not pressing on it.

Once again the basic question is

WHERE is the Rs THIRTY THREE CRORE ?

If we go through the books, the Rs 33 Crore should be sitting in the bank accounts with the PARENT.

If a REPRESENTATIVE of RETAILER community goes to the Office tomorrow, Will the management be able to show the Rs 33 Crore sitting in the Bank account and Can the Management explain why it did not sort out the PRESSING and PENDING Axis despite NCLT THREAT?

[Diana Horton]

@sobha .

I am getting information DIRECTLY from my Axis Bank sources, currently that the Final settled amount was Rs 21.3 Crore and NOT 2 or 3 crore more than 33 Crores

Kindly check with your sources

The BCG Management has been CHEATING all of us.

I just Now confirmed from Axis Bank sources.

They confirm it was settled to Twenty odd crores during MID 2020. Currently, it Teens and not in Twenties.

so, Once again.. the basic Question

WHERE is the Rs THIRTY THREE CRORE ?

Why did the management not sort the Axis Issue , despite raising funds and having Funds with them all the time

[Diana Horton]

@ BCG MANAGEMENT:-

You can take this as a , Request or plead or Caution or Warning.

We Retailers are giving time for you to sort out all your games, untill the allotment of warrants, as we all know it is for whom the final product is going to go.

I have already discussed atleast 5 dear topics where the management hands has been proven and covered with filthy dirt, for which we have evidence. There are a lot more uncovered topics.

If rigging is noted beyond the warrant allotment, we sternly warn you, that, we have enough evidence to bring you down to the knees.

At the point of time, we all will let you know who the actual C L O W N S were…

Passionately

……..DH

[Logan]

I’m not able to share the PDF file here as I’m using my phone. The order was passed on 9-7-20, wherein NCLT ordered BCG not to use the PO funds.

There are so many things mentioned in that but I’ll just share the orders passed by the judges.

1) The Corporate Debtor is hereby restrained from utilising the proceedings of the issuance of equity shares till the date of passing an order on the admission of the petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016.

2) The Corporate Debtor is further restrained from alienating any of its assets to the date of passing an order on the admission of the petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016.

(If anyone has that file they can share it with us here)

[vgsatwork]

@Diana_Horton

The preferential allotment money is there in balance sheet. If you see the stand alone balance sheet published as part of Q2 result, you could see the money as increase in equity category (between Mar 31 and Sep 30th). Given that the Q1& Q2 stand alone profit after tax is only 66.34 lakhs and the increase in equity between 31st March and 30th Sep is 30.58 crores, which can only be preferential allotment money.

But what is puzzling is WHY IT IS NOT BEING USED TO PAY OFF AXIS and they are dragging their feet on this, given that if the case proceeds to IBC, retail investors would panic and sell. Vulture investors (people who can pretty much buy off every share that is available for sale in the market in one shot) would then get in to the stock in no time to force asset sale and realize the book value by buying it almost at 1/8th to 1/10th of the BV. No matter how many operators that the promoter deploys, they would not be able to match these investors might since they would have smelt the blood (that the company is in IBC and by forcing asset sale, one can technically realize the book value) and have very deep pockets.

[vgsatwork]

In the last two years (refer P&L of Annual report of Fy 19 & FY20), 1174 crores have gone through asset impairment and loss on investment write off and it is these kind of things which are in grey zone and concern areas as you do not have any kind of notes to explain these items.

If we have to suspect anything from financials stand point, it is THESE items since the number is there under other comprehensive income/loss category and ABSOLUTELY no reasons or notes given for the same.

One could have possibly siphoned it off and there is no way to prove/disprove this since detailed notes is not there and just a loss entry alone is there in the Annual report.

[Diana Horton]

@vgsatwork

Exactly my question aswell. The preferred funds were raised for sorting this out.

Koreans have been sitting ducks for a long period of time

Company is going in the pathway of NCLT.

This in itself shows the dirty attitude of the management.

So long we were told stories by the management

Upon hearing from my sources with Axis bank, it’s shocking to hear what kind of double game the BCG management has been playing to keep the unfinished business kept unfinished, despite having funds in hands

Any sensible management would try to get its name cleared

The management on many occasions stated they were working CLOSELY with axis Bank and will close the issue at the earliest.

But, clearly not so…

……..DH

[tanv151]

@DH.. Here is the link to NCLT order, per which the funds raised thru issuance of Pref shares are blocked. Please refer to the details on the last page.

https://nclt.gov.in/sites/default/files/July-Interim-Order-pdf/Doc045888.pdf

I agree with you that BCG management, wait SKR to be precise has played with shareholders long enough. It’s about time we all got together to took some action to get our dues. 33cr is nothing compared to the LOC value. So, I suggest (if I may) let us all focus on getting LOC details confirmed, if take necessary action to get the announcement out by the management. This should give the required kick to the share price.

I would be happy to join anyone who is looking to sort things out. Can’t sit and wait for SKR to show mercy.

[Diana Horton]

@logan 10789

I am sure you will agree that the Management has played an extremely dirty game here

Now, can you also agree, that, the pending issues are not wantedly not resolved to play the dirty game.

The management could have and should have paid off the Axis bank and Axis bank in itselves is not an issue, but kept as a pending issue by the needy

Also the share price that is kept rigged down is not because of the pending issues as shown, rather, it’s the other way around…ie…rather stuff are kept pending for the needy to look into the needs?

Despite funds there in the kitty, the management purposefully, didn’t finish off the pending issue and kept the company under the threat of NCLT, ( HOW FAR BENEATH THE MANAGEMENT WILL GO)

Shame full

[Diana Horton]

@retailers

We all know regarding the BCG MANAGEMENT.

The funds that was raised for payment of Axis bank has not been deployed.

The 33 crore ,if sitting, is sitting like a duck, because of shear ( is this called the ducks are lining? It should be the ducks are made to sit in a line) personal wanted inaction by the needy and using it as a tool against all of us, to keep the share price suppressed, in the name of pending stuff!

[Sobha]

Diana, If the amount is below 33 cr, your logic is perfect. They were simply ballooning up the issue with definite purpose.

[admin]

@DH – Your post #10786 was automatically spammed by Akismet tool (please see screenshot). Here nobody can delete anyone’s post but can be marked as spam. Please let me know if any of the post gets disappear, I will retrieve it as and when I get time.

Attachments:

1. 

   DH-Post-10786.jpg
   

[Diana Horton]

@VGSATWORK #10799

With BCG , the shown Book Profits are not REAL actual Profits, because of stuck receivables and Cross Border restrictions allegedly and Liquidity concerns

Regarding the 33 CRORES- LIke wise, The ACCOUNT revealed might Not be Real Money that is sitting in the Account, (Once again because of the same liquidity issues;-)regarding the 31 Cr that SHOWN to be sitting.

So, unless , the Hyd Group visits the Office and looks into Real time Bank accounts of the sitting funds of the Rs 33 Cr – NOthing is REAL as Far as BCG Management goes.

If the Funds were sitting there, Any SENSIBLE MANAGEMENT, would have sorted the pending issues, Lon time ago.

So, either the Fund is Not actually sitting there doing some other job ( or a book enrty rather ) or It is SITTING There and the MANAGEMENT dosent want to close the case – BY WILLFULL NEGLECT

[drjaysee]

Dear @Logan, with reference to your post #10798, Please see attached NCLT Order (Split into 2 parts due to file size) dated 9 July 2020 as needed.

Attachments:

1. BCG-NCLT-Order_1-of2.pdf
2. BCG-NCLT-Order_2of2.pdf

[sac6310]

https://www.bseindia.com/xml-data/corpfiling/AttachLive/c35ccfe9-2917-40d2-b3a2-806f939a5886.pdf

The company has settled with Axis Bank on the closure of the loan. Bank is working on a formal approval of the same.

Please check announcement. Con call is on 20th

[drjaysee]

Dear @sac6310, Thanks for sharing the good news. It seems, Monday we may get the final order from NCLT about Axis Closure and also we may expect approval of PW during this week (SKR would have got the PW approval news from internal sources and may be that’s why he scheduled the con call on 20 Feb).

Dear @Logan/DH/All Experts, What would be the scenario of pledge percentage if the Axis Closure done? It will be zero or still some pledge percentage will be there for Daum settlement? Looking forward to hear your valuable insights in this regard please. Thank you.

[hw_tw]

A big silence…what a timing…it takes time to come out of this shock irrespective of whichever group you are in

[Logan]

@drjaysee, I don’t think it’s anything to do with the PW approval that he is conducting the conference call on 20th. Always they schedule the conference calls on Saturdays. This time since the results were published late in the night on Friday, and also since there’s an hearing in NCLT tomorrow, they must’ve scheduled the call on 20th, Saturday.

I don’t know whether the promoters will get back all the pledged shares, in one of the calls when somebody asked about it, he said some shares were pledged for personal loans. My guess is that they’ll get back majority of the shares.

(On a lighter note – he loves shareholders so much that’s why he waited till valentine’s day to announce the news)

[buffet]

I am happy atleast axis is out of way finally, provided thr is no further twist & turn.

Warrant approval status is not included in the notification..
Anyways will get to know about the same in conf call. Hoping for closure on that front as well before call.

Let’s hope thr is no price suppression now onwards.

[Author]

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