[sac6310]

@hw_tw thanks for your post.
so as per MCA SHP, promoter holdings were already very low at end of march 21 and clearly very much different from what released to exchanges, am i right? if true, then we shareholders are kept in dark since long by management and nothing can justify this poorest act of corporeate goveranance.

[Logan]

This is very bad corporate governance by the management/promoters. All the hard work done by them will be of no use if they don’t change their attitude. Last year there was a mismatch in MCA SHP and the SHP data available in exchanges because of pledged shares but if that was calculated properly then there was no mismatch.

[hw_tw]

At this stage we are trying to make interpretations from what’s available in public domain… Not sure if we are totally or partially right in our findings or not

For example, we don’t know whether he had really sold shares or was showing shares owned under different accounts or by his associates as his own (assuming he will eventually own them somehow without informing exchanges) or it’s some other case

Things will get clear only when we get direct answers from the management … probably a special conf. call updating shareholders on what really had happened and taking subsequent questions from them or the event of increasing stake in one more LLP and taking stake above previous levels thus reassuring investors about their continued commitment

Given the benefit of doubt, the way I look at it is to take both positives and negatives from it and weigh them

In this case negatives are linked to the past event and positives are linked to the future and is getting more weightage from me … especially that this event is not linked to FA and the percentage is actually increasing and not decreasing

[kiranj]

Fund houses have shown more interest in Brighcom group in the month of May’22. Total 2.24% of shares owned by them till May 31st. Vanguard being the top.

[sac6310]

@logan @hw_tw

mismatch is not only in pledged shares, mismatch is there in total promoter holdings too.

[JackSparrow13]

I really feel amazed by the promoters confidence. They run an amazing business, have single digit share holding, and are fully confident no will do a hostile takeover.

[Logan]

@sac6310, that’s what I meant, last year (FY) there was confusion because of pledged shares but this time that confusion is not there.

They themselves are spoiling their name and reputation. They should disclose each and every transaction. They messed up bonus issuance, SHP etc. I don’t know who’s giving advice to them on these things.

Now that FPIs, Mr.Sharma and MediaMint people have shares, these people should at least make the management people to change their attitude.

[hw_tw]

During the LLCs acquisition, some people in MMB were talking about a new system which would come into effect soon …I gy this new system will record all the transactions are automatically and there is no explicit need to inform the exchanges

So if there are any new transactions we wouldn’t come to to know anything till the end of quarter 🤦

And I guess this doesn’t replace the manual upload of quarter end consolidated SHP document… hope the exchanges strengthen this system further with mechanism to validate what is been reported is correct or not

Also this system would apply to market related transactions and any offline or indirect ones like the LLPs acquisition needs to be reported explicitly

[hw_tw]

@JackSparrow13 – please refer to my earlier post #13853

Hostile takeover angle still seem to be playing a role somewhere behind all these events… at that time I was thinking HT by acquiring LLPs … but it looks like the whole PW seems to be created to protect from any HT as the promoters stake was low and the company suddenly saw a big change in business due to Pandemic

Looks like things are in right track as the promoters has got reasonable and probably a comfortable stake atleast as per them

With the price falling down and business growing healthy, probably they might be looking to add some more and increase it

[JackSparrow13]

I would like to commend the optimism and maturity with which @hw_tw has moderated the discussion since yesterday. Thank you.

[nitin_asce]

@hw_tw I agree with your response.
Even biggies like reliance jio, airtel etc will be coming in adtech industry in next few years. Sign IPL digital rights sold for record levels.

My take is SKR will never tell us the real truth. So we need to make an opinion on circumstantial evidence.
– SKR acquiring LLC to shore up his take can be taken as +ve sign. I always wondered he is so sharp and why he gave so much equity at low value. Some jugglers has been done to shore up stake.
– CS resigning. My take is Manohar resigned since he had to file notifications for such transactions. Now promoter can easily blame CS was not there and hence missed. Other thing is if Manohar took other job, how he is still helping brightcom. So he is still working for bcg at some other post but not as CS.
– good thing business is growing. Once it reaches 1-1.5 billion usd. The companh will be too big to fail.

Given all these circumstances and summarizing +ves growth in revenue, increase in dividend, growth from mediamint/audio, promoter acquiring LLp etc.
Tech companies in us have also fallen 70-80% normally.

So I think we should not worry about noise and wait till market recovers.
Personally i am cautiously optimistic on bcg.

[Brightspot]

I believe CS and CFO scared after sebi initiated forensic audit, CS resigned in OCT wherein he got sebi notice in September, CFO resigned after FA process is confirmed by Sebi..Sebi will put heavy fine to CS if there is a lapse in disclosure , suzlon CS had to pay 5 lakh fine for not disclosing order win..they dance to SKR tune but any more after FA initiated..SKR seems to be more worried investors panic would start if they disclose such things ,
note: this is just my view

[allenasrini]

Brightspot Your view probably explains why no one is taking up those jobs. It is hard to believe
that SKR could not find suitable persons for these jobs. In last 8 years I was never doubtful about BCG.SKR not addressing things which are under his control does not leave a good feeling.

[hw_tw]

Its been 2.5 months since CFO’s exit and I am sure company would be aware of the exit a good 2 months before. In total a good 4.5 months time has passed by in finding a replacement… And a good 8+ months for a CS … This is quite a good amount of time to find a replacement

I am not sure how much it is pinching thier day to day operations but for investors it is like pinching, punching and burning … even the long termers will be losing hope with each passing day

[Brightspot]

hw_tw, SKR is not going to appoint any CS or CFO, they are helping him from outside but not willing to join company so you can understand the situation here,As promised in the con call there is no revised SHP, not sure what was the purpose of creating employee Trust for acquiring shares , if you can not acquire now at this difficult time when u r going to do it? ..promoter sold 22lakh SKR dont even properly how much it is and they dont even bothered to inform to exchanges until now..now long term investors should contact Zee business and put pressure on him

[sac6310]

still remember the golden statement on reason for issuing bonus issue . “Retailers are not able to afford rs200 price of BCG, so issuing bonus to make it affordable.”

[Brightspot]

Still remember those gloden words “Because of covid we are unable to settle Daum, as we need to personally meet Daum team and settle “, now again you need to wait for 2 quarters for daum closure

[Brightspot]

Still remember those golden words “we are hiring more people in investors relation to improve the response” and now our system is not equipped to take 3 lakh emails we will bring in system within a week to reduce the response time, now no one respond to your email no one there to pick up your call

[sac6310]

still remember the golden statemen that we had shorlisted few CFO candidate and will appoint at max by april end

[Raveendra]

I am expecting things will sort out by December quarter results time.

By then the shares will be grabbed by FIIs to the needed extent at lower prices.

To increase the price and to clean the corporate governance issues one by one , they will settle daum issue during that time.

SHP , FA , audio company acquisition will clear in the due course.

[Author]

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