[sac6310]

@diana Horton, I agree with u…seems filling case or requesting to ED will only option be left if things didn’t improve after PW allotment. There is saying in hindi “lation k bhoot batoon se nhi mante”. We have to apply same thing if management didn’t improved CG .

Jagoo retialers Jagoo

[odysee]

@Diana Horton, the amount raised by issue of shares on a preferential basis, was a little above Rs 33 crore.
This sum has been frozen by the NCLT on a plea by Axis Bank, that these funds cannot be utilised for any other business or activity of the company till such time as the Axis claim is settled.
I trust my information on this subject is accurate.

[Diana Horton]

@odysee # 10783

Odysee. Thats Not true.It looks like a Fabricated News that Funds has been Frozen.

Can anyone show any evidence that this has been Frozen?

The Preferential issue Funds were INDEED raised to sort this out.

The Company dosent have any other best interest apart from sorting this issue.

If it was raised to deliver such duties, It appears to be STUPID that the funds will be FROZEN for DISCHARGING such Duties.

The management stated they cannot bring back funds from elsewhere to sort this issue. Funds were raised for sorting this issue LOCALLY!!! The Company has No Major Outlying issue. The Domestic profits of the company has not increased either, if this fund were put into use for business purposes , which the company dare not do it aswell. So.., WHERE ARE THE FUNDS?

Even in the least Possible situation of Allgedly being Frozen, the company which raised the Preferential Fund, Should discharge the Funds for paying Axis- LONG TIME AGo and should have settled it. Why was it not settled and why all the drama? Just to state that there are Pending issues??!!

The Drama fabricated is –

A. Foriegn funds cannot be brought in because it will affect the business, allegedly(Peanuts)…

B. LOcally Raised funds that too raised specifically for sorting these issues via Preferential issue were Not DEPLOYED to sort out the so called Issue

C. The Pending Issue is still kept pending ( To Buy time for sorting needs and to state, Oh there are pending issues and hence the stock wont move (Holy Grail statement- rather HOLIEST GRAIL)

D. Mammoth Dilution was made in the name of further PW, and no reason for the same has been mentioned and the Noard of Directors approved it???!!!!

Are we Retailers C L O W N S in this whole Orchestrated DRAMA?

I SMELL ROTTEN FISH here. A Major Fabricated News is circulated.

# What happened to preferential money # scrutinise Books #WHERE ARE THE FUNDS? # Jagoo retailers Jagoo # Socho Retailers Socho

…………….DH

[odysee]

@Diana Horton, you are entitled to believe otherwise that the preferential allotment funds have mysteriously disappeared, or there is a greater story of mischief here. It’s possible that I am mistaken, but my understanding is that since the actual final amount due to Axis was not agreed upon after BCG had defaulted on the OTS, Axis managed to get a stay order on these funds.
But why quibble over this at this point. Maybe it is an orchestrated drama. Who knows? You are definitely better informed than me on BCG and its management. The floor is yours.

[Diana Horton]

@odysee # 10783

Odysee. Thats Not true.It looks like a Fabricated News that Funds has been Frozen.

Can anyone show any evidence that this has been Frozen?

The Preferential issue Funds were INDEED raised to sort this out.

The Company dosent have any other best interest apart from sorting this issue.

If it was raised, It appears to be STUPID that the funds will be FROZEN for DISCHARGING such Duties.

The management stated they cannot bring back funds from elsewhere to sort this issue. Funds were raised for sorting this issue LOCALLY!!! The Company has No Major Outlying issue. The Domestic profits of the company has not increased either, if this fund were put into use for business purposes , which the company dare not do it aswell. So.., WHERE ARE THE FUNDS?

The Drama fabricated is –

A. Foriegn funds cannot be brought in because it will affect the business, allegedly(Peanuts)…

B. LOcally Raised funds that too raised specifically for sorting these issues via Preferential issue were Not DEPLOYED to sort out the so called Issue

C. The Pending Issue is still kept pending ( To Buy time for sorting needs and to state, Oh there are pending issues and hence the stock wont move (Holy Grail statement- rather HOLIEST GRAIL)

Are we Retailers C L O W N S in this whole Orchestrated DRAMA?

I SMELL ROTTEN FISH here. A Major Fabricated News is circulated.

# What happened to preferential money # scrutinise Books #WHERE ARE THE FUNDS? # Jagoo retailers Jagoo # Socho Retailers Socho

…………….DH

[Diana Horton]

@odysee

My reply questioning the management in response to your question 10783 has mysteriously disappeared.

Why Quibble over it Now?

Because, it is Rs 33Cr and it our company and It was sraised to sort out the pending issues

[Sobha]

My memory is like follows.. I think I have see NCLAT order… Axis asked for parking the 33 cr with their account. Court rejected that. But asked BCG to keep frozen the amount in different account. From then onwards – both the parties started saying – they are in talks to reach to an agreement – and for the last 6 months, they are vey near to agreement as per claims. Axis also played in tune with that. Probably a combined drama.

[Diana Horton]

Odysee #10783 . Thats Not true.PO funds being Frozen looks like a Fabricated News that Funds has been Frozen.

Can anyone show any evidence that this has been Frozen?

The Preferential issue Funds were INDEED raised to sort this out.

The Company dosent have any other best interest apart from sorting this issue.

If it was raised, It appears to be STUPID that the funds will be FROZEN for DISCHARGING such Duties.

The management stated they cannot bring back funds from elsewhere to sort this issue. Funds were raised for sorting this issue LOCALLY!!! The Company has No Major Outlying issue. The Domestic profits of the company has not increased either, if this fund were put into use for business purposes , which the company dare not do it aswell. So.., WHERE ARE THE FUNDS?

[Diana Horton]

The Drama fabricated is –

A. Foriegn funds cannot be brought in because it will affect the business, allegedly(Peanuts)…

B. LOcally Raised funds that too raised specifically for sorting these issues via Preferential issue were Not DEPLOYED to sort out the so called Issue

C. The Pending Issue is still kept pending ( To Buy time for sorting needs and to state, Oh there are pending issues and hence the stock wont move (Holy Grail statement- rather HOLIEST GRAIL)

Are we Retailers C L O W N S in this whole Orchestrated DRAMA?

I SMELL ROTTEN FISH here. A Major Fabricated News is circulated.

# What happened to preferential money # scrutinise Books #WHERE ARE THE FUNDS? # Jagoo retailers Jagoo # Socho Retailers Socho

…………….DH

[Sobha]

Diana, Technically BCG said, the PW was for – ‘settling financial obligations of the parent company’ – For that matter, even DAUM amount is an obligation of parent.

[Diana Horton]

@sobha #10788

Even during the last conference call the Management stated that the AXIS amount was fixed and it was a matter of time before settlement.

Daum as told by the management are ready to wait and is not a Big Bother

If the funds were fixed for Axis ,

Once again , the same question comes to HAUNT us all.

Where are the Funds?

What was done with it?

and Why Did the company NOt close the Axis Bank issue?

WHAT Happened to the Rs 33 CRORE ??????????

……………..DH

[Sobha]

The point is – promoter want to elongate the issue even at the cost of finance of the company. If the OTS was timely paid – the sum remaining was 11 crore. But they failed. Everybody knows – capacity to pay 11 cr is not the issue – Then axis started asking near to 35. Now the issue is elongated to give a serious upper hand in negotiations for Axis.

[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

[Author]

Posts