[odysee]

I do believe that all attempts to get more interactive discussions with the management are likely to result in disappointment @Logan.
Like you, I have been on every single conference call for the last many years, but apart from a few, most are stage managed and well controlled.
As you have correctly pointed out, the bulk of the time is spent in not very consequential updates, and the rest is consumed by selective questions posed by ‘selected’ shareholders that leave us feeling ‘good’ about the call but at the same time feeling a bit cheated that many important issues had been skimmed over and not really been properly addressed. That art has been mastered over time and we are just pawns in this game of keeping alive hopes of better days ahead with regard to unresolved issues and improved corporate governance.
Still, we should gamely attempt to get the management to increase the time provided for Q and A , as well as to get honest answers and responses to a host of queries in our heads that are usually deflected with grace and skill by the admirable Mr Reddy. I have great respect for his business acumen and the superhuman efforts he undertakes to enhance the business but I do wish he would show a little more empathy for the retail investors and build up the sorely needed professional image of the company.
It’s time!

[Logan]

@odysee, as they say, You can’t teach an old dog new tricks, this applies perfectly to BCG’s CEO/ promoters/management. Everytime they will say that going forward they will take governance (very) seriously (including compliance, communication etc) but they fall back to their old habits.

One thing that is guarantee is that the CEO/management/promoters screwing things up and shareholders paying the price for that. Sometimes they screw things up because they’ll be too lazy or they’ll not have any seriousness towards the market or shareholders. The CEO is someone who I think doesn’t like when anything negative is said about him or the company but he will always do things that bring negativity. Even in the recent auditor resignation, the company is saying that it’s in the best interest of all the parties, especially for the company. I don’t know how it’s in best interest of all the parties.

It’s good if the CEO is optimistic and positive about his company but sometimes being too positive will make people delusional. Issuing bonus shares twice in one year is a good example.

Just saying something is good or better won’t be enough and they have to do things to prove that. Everyone is waiting for material developments and tired of hearing the repetitive talks in every conference call.

First step is acknowledging their mistakes and acting on it. I think the main reason he won’t do buyback is because doing that will prove that he was wrong to issue so many bonus shares.

Like I said in one of my previous posts, we should be aware of what type of company we have invested in, the culture of the company etc. I think right now it’s mostly like a private company where they do things as per the CEO’s interests. If his mood is good, they’ll share all the updates and if his mood is bad then there’ll be no updates for months.

Every shareholder is interested in quantum computing, AI, audio ad etc but there are more important pressing issues like FA, SHP and decline in company’s valuation to worry about and obviously the management should dedicate more time to discuss these and sort these out but by the look of it we can feel that they are least bothered about it. This attitude is what’s hurting the company’s valuation and making shareholders anxious. They procrastinate everything and that leads to decline in company’s valuations. Like I’ve said before, companies with bigger issues are having better valuations than BCG.

I don’t know when they’ll take matters seriously and act on it.

[Brightspot]

Adani replaced auditor already however our BCG management was asking some unknown auditor to withdraw resignation amid sebi is clearly asking to change statutory auditor in SCN and appoint nifty 50 auditor, they would have disclosed new auditor name already..this is how management is doing time pass and investors are suffering due to that..

[BBPopuri]

As usual excellent results posted by BCG

https://www.bseindia.com/xml-data/corpfiling/AttachLive/219ceb34-2a36-44d4-9482-b7b9c88b5248.pdf

[Logan]

Q1 results was good. They missed the guidance on revenue but did better in net profit (and eps). For me, the surprising part was the 50 odd crores revenue from digital marketing/online advertising segment in standalone numbers (not from software development). I think this was the first time in ages they reported such numbers in standalone. Hope this is not a one time event and this continues in the future too. I’m not sure on profits (9+crs) as there’s other income of 4.22crs and dividend from subs of 4.12crs.

I’ll start preparing queries for the conference call and share it here at the earliest. Let’s put more pressure on them this time. I request investors who get the chance to talk to them in the conference call to ask tough questions and don’t let them give excuses.

[Saach]

Dear Loganjee, your unique way of picking the most important specific points from the whole financial results Q1, is remarkable and it makes special effect on the preparation of your questions for conference call. I must thank you for such an amazing efforts on behalf of all retailers. Warmest regards.

[Brightspot]

Whoever get a chance to ask question in the conference call ask about BCG association with META new app https://about.fb.com/news/2023/07/introducing-threads-new-app-text-sharing/
few days back BCG tweeter and facebook handles shared that but did not disclose anything about their association with them

[T9C]

@brightspot
Threads is a new app from meta like twitter, and that bcg tweet about threads is like, we (bcg) are on threads that means they might have just created account in threads. This is my understanding.

[Rising Sun]

Hello Everyone,

If someone is making a list of points to write to management or gets an ooportunity to talk, please do ask the following questions. If anyone has answer to the below questions please do reply. Thanks.

1) What is the current cash balance with the company? Last update I know the balance was around 1500 crores. Why the funds are lying un-utilised and why cant the same be transfered to India company – where decent interest can be earned. Like, I doubt we need 1500 crores for growth.
2) Last year the company was reporting operating cash flows of over 250 crores per quarter, but this year it has come down significantly despite increase in sales.
3) An important question needs to be asked is about inter company loans. All the funds raised by Brightcom have been sent to subsidiaries overseas – In return when the companies generate cash, the loans need to be repaid back. But in case of brightcom, they are receiving a token 5 crores dividend, while huge amount of loans remain unpaid.
4) Management says that we will get back our shareholding in every conference call. A clear question needs to be asked, when will they get back the entire 18% (to make it 36%) shareholding lost due to sale by financing companies. The FPI’s and Prominent Investor have also been given an exit at price of 34-36.

There is no doubt whatever is happening in Brightcom- be it movement in share price, sale of pledged shares, inadequate reporting about funds is all intentional by the management.

The company needs to appoint a reputed auditor, or-else it will be a big red flag about the management intentions.

If people at this forum have information about any of the above points please do reply.

Thanks.

[Logan]

As per today’s investor presentation, the increase in revenue of 64 crores in standalone is because of starting audio ad business (60 crores) and dividend from subsidiaries (4 crores). I believe it’s a very good developement in standalone (maybe for the first time in history) and hope this continues every quarter.

Also, hoping that APAC expansion plans is not just a plan or just a strategy and they come up with actual developments which results in BCG expanding its business here and having good growth rates in the future.

[VALUEBUYER001]

Some of my friends who are not in our wharapp group, have their TDS DEDUCTED FROM DIVIDEND,still not reflected in AIS . If anyone gets opportunity to ask questions in the conference call tomorrow please raise the issue, as they are finding difficult to file IT RETURN: Not reflected in 26 AS also. He himself is a practicing CA
: Please Demand Physical AGM Meeting in the questions tomorrow sir

[akkithegrt]

Yesterday’s investor meeting was a disaster. SKR didn’t answer any of the main concerns, like why did the auditor resign and when will a new auditor come?

Because of the above reasons, I have sold my 50% holdings and will only add once the auditor’s picture is clear.

I am extremely disappointed in the way Skr answered the questions.

[akkithegrt]

Yesterday’s attitude shows SKR is still not serious about investors. Serious decisions,like confirming the next auditing firm (the old auditor had resigned on July 27; they had many days to pick any NSE100 auditor), are still pending.

SKR is not even serious about FPIs and Shankar Sharma, from whom he raised money for the company. Even their returns are zero from the last 2 years or so, as the stock is trading at their buying price.

He hasn’t even answered whether SEBI has accepted the extension for the financials to be submitted as per IND AS or not.

SKR will need to improve his attitude, or else retail investors will always suffer!

[chris]

Scathing report by SEBI, bank statements forged confirmed by banks.
Skr and narayana raju banned from market.
Sorry guys for being the bearer of bad news. We’ll be back in single digits soon.

[Vroom]

What a corrupt management. SKR is really a conman. Can’t believe I’ll lose my hard earned money like this. This will come to 2 Rs again if not lower

[Logan]

This is a serious matter and a shame that the CEO and others have put shareholders in such a situation. Now we have to suffer because of their actions. I had respect for him because of business skills but now there’s zero respect. I never expected that he’d cheat investors like this.

It’s high time that the company should appoint a new CEO and chairman who will save all the investors.

[Logan]

We should form an association (with SEBI’s blessings and approval) and make sure that shareholders are not impacted because of the cheap actions of the CEO and promoters.

Mr.Peshwa Acharya or Mr.Satish Cheeti should be appointed as the interim CEO and navigate through this crisis.

[kiranj]

Can we expect the subsidiaries and their revenue as real? If it is atleast we have some life left in BCG. Is this the cake he was mentioning. What a shame on the CEO. Many of us going to have sleepless nights because of him.

[chris]

Going through the report, this is biiig, Satyam level big, I am passed bisbelief and into the anger phase 😂. He had the audacity of forging bank statements and submitting to sebi, one of the most outrageous attempts.
Media in uproar. Won’t get a chance to sell until single digits.

[BBPopuri]

Copy of Complete SCN of SEBI

Attachments:

1. 

   1692712216852_1.pdf
   

[Author]

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