[Brightspot]

@somesh pls do not assume things and post it on public forum, we need to know the truth from company officials, we dont know what the exact reason is. Even if that is the reason why he did not appoint CS for more than 6 months..if company is suspended from trading it will affect 4 lakh investors here , issues are more than business in this company. We should not try to protect promoter here in any case

[Sumeshnair2005]

@brightspot iam just giving my opinion based in information available truth only sebi or promoters can clarify .. why do u think BCG available at this price it’s because of corporate governance we all are saying that from long time nobody protecting promoters thy hv to improve CG .. but CG can be improved and thy started taking baby steps hope thy do more.. I just wrote my angel as suspension is big step and usually done for frauds and nonpayment listing fees or non publish results

[Brightspot]

Regulator should punish promoter for non compliance , but unfortunately it will punish existing shareholders by putting scrips in to suspension more than 7 years ( there are many such cases), if that happens, game over for investors, if we dont know the exact reason we need to get it from either regulator or company officials and then post it..there is no point in expressing our opinion if we dont have source of information

[Brightspot]

I have written to chakravartit@sebi.gov.in to know the reason for freezing also if they were unfreezed now, will update here once i get the reply

[Brightspot]

December 10, 2022
BSE Limited National Stock Exchange of India Limited
P. J. Towers, 25th Floor, Exchange Plaza, Bandra Kurla Complex,
Dalal Street, Mumbai – 400001. Bandra (E), Mumbai – 400051.
Scrip Code: 532368 Symbol: BCG
Dear Madam/Sir,
Sub: Clarification & Information that ” the Promoter shares not frozen “, contrary malicious rumours
on social media.
With respect to the subject matter cited above, we would like to inform our shareholders that contrary to
malicious and ill-informed rumours in circulation, the NSDL accounts of the promoters are not
frozen.
This was in connection with the delay in the joining date of the new Company Secretary. The promoter NSDL
accounts were frozen on November 25, 2022 as per Section 6 of SEBI LODR, 2015.
However, the Company Secretary was already appointed on November 12th, 2022 board meeting and the
Company informed the exchanges. Post which, the authorities instructed that the accounts be unfrozen on
November 29 2022.
Therefore, we wish to inform all stakeholders that there is no freeze on promoter
shares.
This is for your information only.
Thanking you,
Yours faithfully
For Brightcom Group Limited

[chris]

Good morning, last weeks been a little hectic with the issues with pledged shares and the NSDL notification. Reply from company is quite a relief.

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[rpm87]

Typically, in case shares of the promoters are frozen and the company is non-compliant, SEBI will push such scrips to the Group Z category. To the contrary, this one was pushed to the Group A category in March or April 2022?

[Logan]

Thank God they gave the clarification else all our weekend would’ve been spent speculating about it.

The problem with BCG is that the CEO is not ready to handover some responsibilities to other people and his private company mentality is bringing bad image to the company. He thinks they can wait on few things like they do in private companies but that’s not how it works with public companies. He makes easy things get complicated. Appointment of CFO and CS are good examples. He knew that Mr.YSR would retire but found the replacement only after 3-4 months. He had time to appoint someone before the previous CFO left. In case of CS appointment he could’ve appointed someone any time in the last 12 months but waited till the end to do so.

Axis case was not a major issue but got dragged for months. Lycos though not a big issue anymore, should’ve been closed by now. I know it won’t bring anything to the company and I’ve written about it many times but I’ll also say that keeping a good image is better than what you gain or lose from something. Good image is like your health, if you keep your health good and if some issue comes up suddenly you’ll have the power to fight it but if you’re health is bad in the first place and if any issue comes up then it’ll make your health even worse. That’s what happening with BCG since many years. There’s always one issue or the other and new issues keep coming.

I’ll give an example – Cancelling of Mediamint was good strategically for both the parties. BCG saved money and MM can have freedom to work with anyone. If BCG had a good image in the market then the market would’ve taken the news positively but the opposite happened. It brought more negativity and BCG’s image got worse. Had they closed Lycos deal and then later if they cancelled MM deal, things would’ve been very different now.

First came the FA news then promoter SHP, after that was the delay in crediting bonus shares, delay in CFO and CS appointments, then came cancellation of MM deal. Most of these wouldn’t have created so much negativity if things had been done quickly or at the earliest. FA is not in their hands but other things were, like CFO, CS appointments, crediting bonus shares, closing Lycos deal etc. Delay in appointing a CS caused the authorities to freeze their accounts. I don’t know when they’ll take things seriously. They’re not lazy in business related things but in other matters they’re too lazy and also careless.

BCG is no longer a small company and for institutions and funds to invest (or not sell in some cases) they have to have a dedicated team which handles market related things. I’ve been saying this for years but they’re not ready to take our suggestions. The CEO can concentrate on business and leave other matters to the dedicated team. He can check with them regularly and if he wants he can guide them on different matters.

They’ll get serious only when any issue gets bigger and most of the time they neglect issues at the beginning. Most of the issues can be closed at the initial stages only but they’ll wait till the end to close it.

Sometimes in cricket, you lose 2 or 3 early wickets. That time some teams take things seriously and try to bring stability then itself. They’ll play defensive for sometime and when things stabilize they’ll start playing aggressively (attacking). But BCG’s management doesn’t do this, they’ll wait till 7-8 wickets are gone to get serious. They’ll neglect it till that time.

In football terms, it’s like conceding 2-3 early goals and start attacking only when you have 10-15 minutes remaining. In some cases you can equalise, draw the match and go into extra time (like it happened in yesterday’s match between Argentina and Netherlands) and in some rare cases the team that concedes early will win the match when they attack at the very end. But like I said it happens in rare cases and you can’t be sure that it can happen in each and every match. BCG’s management people are like the second case and they believe that they can win if they take things seriously at the end.

But the most important thing is top teams don’t concede many goals early and even if they do concede early, they’ll start taking matters seriously from the beginning itself. Every team wants to be a top team but to become one it takes a lot of efforts and change in attitude.

Hope BCG’s management and promoters take matters seriously and become a top team ASAP. We can see in many things in life that you can make a comeback and become stronger than ever. We all want BCG to be one of the top teams who takes things seriously and when any issue comes up, sort it out at the earliest.

[akkithegrt]

Mr Rathi,

Please ask the CEO to conduct an audit of each subsidiary. This is one of the main reasons why investors are hesitant. Because subsidiaries generate the majority of revenue, an audit of each financial statement is required.
When implemented, this will have a significant positive impact on investors.
If audited results of subsidiaries are displayed, even if FA is partially positive, there will be no effect on share prices.

[Brightspot]

1. Authorised Mr. S.L. Narayana Raju, CFO to file an application on behalf of the Company under
Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 for
the purpose of settlement of the proceedings initiated by Securities and Exchange Board
of India (SEBI) issued under Rule 4(1) of the Securities and Exchange Board of
India(Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995- Adjudication
u/s 15A(b) and/or 15HB of the Securities and Exchange Board of India Act, 1992 in the
matter of Brightcom Group Limited.
The Board Meeting commenced at 7:00 P.M. and concluded at 08:00 P.M.

Which penalty they are talking about ? FA concluded and they are paying penalty?

[ved]

There is a good possibility that this penalty is for the unexplained changes in the SHP of the two promotors of the company.

[smitsat]

Rules, 1995- Adjudication
u/s 15A(b) and/or 15HB

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[ved]

Hi @Rathi_b, Are you meeting Suresh garu this weekend?

[Brightspot]

See NSE notification: The Exchange has been seeking various clarifications from Brightcom Group Limited (‘Company’) against a complaint from investor and response received from Company was unsatisfactory and incomplete. On the basis of aforesaid, the Company is required to provide satisfactory and complete response. The response from the Company is awaited

[Brightspot]

@Rathi_b, are you able to meet SKR?

[Rathi_b]

Thank you all for bearing with us, we had to move our meeting with SKR to today as he was travelling internationally last week and we have had a long chat concerning many of us investor concerns, we have left the premises with a feeling of confidence that Brightcom is dealing with all the aspects in the most effective way it can.
It was pleasing to see all the new hires in the office. And SKR is very optimistic about the business right now and the growth prospects it throws up in future.

[Brightspot]

@Rathi_b thanks much for taking time to meet SKR and update here, would you mind providing detail information what was discussed ?

[vkhare789]

Hi Rathi,

Thanks for meeting SKR on behalf of investors. Were you able to discuss on issues like FA, Daum and promoter shareholding? Is there an update?

[Rathi_b]

Yes we had discussed about those aspects and we were informed that they are at various stages of getting solved. The company is making efforts to get all its issues with the market regulator sorted.SKR has assured us that daum and audio acquisition will also be completed.

[sac6310]

@rathi_b thanks for your effort. SKR never said that he will not do daum, audio etc.. but taking indefinite time to sort out these. has he given any timeline to sort these out?

[Author]

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