[vkhare789]

Anyone interested in visiting SEBI office in BKC, Mumbai, please let me know. We can visit together and raise investors’ concerns.

[lycos.rags.to.riches]

Hope we get an update from the board today/tomorrow. Basically it is a two member board now, not sure how much Vijay is part of all this mess.Not sure how much Nilendu is involved in corecting this mess.I am sure other two directors are appointed for namesake.
Our only hope remains with Peshwa, whome we ASSUME is working to correct this mess. Based on the on calls no one ever would have thought that BCG would be in the situation we are in and the frustration/shock that SKR is the one who created all this mess, the one who was answering all the investor queries and told we would see a different BCG in 2023 than 2022. SKR has been decieving the shareholders all through this years, i assume he used the Goenka’s earlier to keep the price under control, SS to increase price and then LLP to get cash into his account. The stock price was well orchestrated by the promoter over the years with a beautiful answer that with business growth the stock will find it value, while all these days it was under his control.

[AdUp]

There are moments in life which define you as a person, and this definitely is such a moment for me. It has been a traumatic one week so far, to say the least, with a feeling of no end in sight. But I slowly started to digest the tough pill and come to terms with reality. I stopped maniacally searching for news, chats, forums, etc for updates. I realize that the most important need of the hour (days?) is patience and strength. This situation frames me as a person and as an investor. I am still clinging on to the hope that the financials are right, at least a major part of it, and that at least from now on, things will move in the right direction.

Some random thoughts from me:

1. Why would SKR go through such hassle if he saw no value in the company. The fact that he was trying to regain some shareholding points to the fact that he saw value in the company. I am not justifying what he did and he should face consequences for what he did, but just pointing out the fact that he might have acted that way for a reason (and a strong one for that)

2. If the financials are true, especially overseas, the current structure of BCG with independent subsidiaries is good because it can still be business-as-usual even without a CEO at helm

3. Why didn’t the company announce an interim CEO already on Sunday? I, like others here, was expecting to hear it in the announcement last Sunday already. At the moment it feels like there is no one responsible, and it is hard to say who is driving us through this situation, what steps are being taken, and if business is as usual. Is there even someone dealing with this situation? What investors need at the moment is a reassurance that things are being taken care of, and are in good hands, etc. To paraphrase someone from a chat, it currently feels like we are in a plane full of passengers without a pilot.

4. SS in one of his posts said that he did his due diligence before he put in his money. To quote him from his post: “I spoke to overseas executives, noted that EY was auditing a large part of their overseas profit.” Honestly, this gives me some hope and I really hope that this is true.

I was at a temple yesterday to ask God to give me strength to navigate through this situation. We will need it in the next few days.

Disclaimer: These are just speculations, random thoughts and hope from me and should NOT be taken as an investment advice.

[Logan]

@vkhare789, did you visit SEBI office? Did you share our concerns with them and what did they say?

Thanks in advance.

[vkhare789]

Not yet Logan. I tried to call them but no positive response. Will try to visit early next week.

[Myshport]

A dim light at the end of the tunnel.

https://www.bseindia.com/xml-data/corpfiling/AttachLive/6a4f5898-e76c-461e-b9e9-fd202fc760bd.pdf

Outcome of the Board Meeting held on 01 Sep 23

Attachments:

1. 

   Board-meeting-01-Sep-23.pdf
   

[odysee]

It was never going to be easy to effect a transition. No time was granted by SEBI to enable the induction of the two key personnel and a proper handing over of the duties and responsibilities. As it is, this a such a specialised field that the availability of suitable candidates with the necessary expertise and experience will be very limited. Add to that the fact the CFO would have to learn the ropes from the CEO unless he or she has had previous exposure to this nature of business, is compounding the degree of difficulty. I still believe that someone from within the group internationally could have played the role of an interim or acting CEO till the formal inductions were completed.
I can only hope that Mr Peshwa Acharya continues to stay on board and lends that crucial element of continuity and calmness and integrity.
The decision to strengthen the Board and add depth and diversity is very welcome but is a challenging task.
The delay of the Annual Report and AGM was, i suppose, inevitable given the current turmoil but i do wish we could get an endorsement of the revenue and profits declared thus far. That would settle a lot of rattled and frazzled nerves. I would also seek affirmation that the international business would largely not be impacted and remain on an upward trajectory. Views of other members on this forum ( in particular @Logan) would be most welcome and important.

[VALUEBUYER001]

Dear friends I have uploaded the latest ownership document of OMS Israel subsidiary of brightcom group in telegram channel group name brightcom group investors.
Glad that Brightcom group owns 100% shares of OMS.
Director names SKR and Vijay kancharla.

Attachments:

1. 

   31017830-1.iw_.en_.pdf
   

[VALUEBUYER001]

Dear friends translation of document is enclosed

[VALUEBUYER001]

Translation of ownership document of Israel subsidiary of brightcom ,OMS is enclosed

[Logan]

It’s good that the company and board shared something at least with shareholders. Everyone was (and still is) anxious and nervous because of the stupid actions of the previous CEO. I don’t understand what these people who do such fraud activities get. Because of them, lakhs of shareholders and hundreds/thousands of employees will suffer.

Like I’ve said many times before, BCG is run like a private company and all the decisions and responsibilities were in CEO’s control. In last conference call I had asked the CEO why BCG doesn’t follow the model which most tech companies follow i.e. having a COO (chief operating officer), a CTO (chief technology officer) or other important positions. I/we didn’t get a response for this.

It’s good that the board has finally acknowledged the cons of it. Relying on one person (or two including the previous CFO) will not be good for any company. Also, just acknowledging it isn’t enough but they have to act on it.

If the board acts on what they say (on appointing top auditors) then it’ll be a big relief for shareholders. Let the new auditors check everything thoroughly and bring more transparency which is needed very badly.

The need of the hour is the board taking decisions quickly and not wait till the very end to act.

[akkithegrt]

Check out Mr. Peshwa Acharya’s status on LinkedIn and Twitter. This shows that he is not interested in BCG anymore.

Who will lead is a million-dollar question; may be someone from subsidiaries will be good?

Attachments:

1. 

   peshwa-acharya.jpg
   

[odysee]

It’s one heck of a challenge. Someone from within the group internationally-ideal. But unlikely. Who will risk coming into the unpredictable and possibly biased Indian environment?
Peshwa has pretty much made his intentions clear with his post.
A seasoned professional is the option that the Board will pursue. Trust they will deal with this issue urgently and diligently. As with the appointment of the statutory auditor and the CFO.
The BOD could do with a bit of help and guidance at this point, but who can provide that ? And in what capacity?
We can keep our fingers and toes crossed, but that may only lead to some cramping.
We need urgent and result oriented decision making. And a bucketful of good luck.
God save the Queen! Or the King! But that’s passé! The shareholders need saving, and how!!

[Brightspot]

Can someone confirm if Satish Cheeti left BCG? not showing his name in the management list

[Logan]

The board/management/transition team should wake up at the earliest and should look at shareholders concerns seriously. Just saying words isn’t enough and they should start taking actions.

If they have any humanity/empathy/sympathy towards shareholders then they should start taking actions quickly.

I think we have to start putting maximum pressure on them now. It’s two weeks since the order came and there’s no action from the company.

I request each and every investor to send multiple emails or call the company’s number everyday or visit the office and put maximum pressure. We have suffered enough and we can’t continue this way. Everyday our health and hard earned money are getting affected because of the selfish and stupid acts of the CEO and others.

Many PW allottees didn’t even pay a single rupee but they have made hundreds of crores of rupees at the expense of small retail investors who have put their hard earned money and life savings.

We may have different opinions on different topics but at the end each of our goal is the same. Let us stay united and contribute in our own way i.e. all of us can’t visit the company’s office in Hyderabad so we can contribute by sending mails or calling them multiple times.

The need of the hour is that the company showing empathy towards shareholders and taking the responsibilities that they should’ve taken all these years. All the shareholders have supported the company through thick and thin and it’s time for the company to do the same for shareholders.

[Rising Sun]

The entire management was involved in this scam, including the independent directors, Peshwa, Sateesh, and other board members. So better to keep no expectations.

I am surprised, why SEBI is still expecting management to do things. They will remove more money from the company, and try to hide more wrong doings.

The management team is just buying time to do patch up work.

[whyShares]

Ybrant was the previous name of BCG and in 2007 they acquired an Israeli Company. That Company does 40%+ of total BCG business and is audited by EY the world’s leading Audit Firm. BCG does not have 100% ownership, only about 65% if I remember correctly. The Israeli Company run their operations independently and Suresh Reddy could not have gotten his dirty hands in it to steal money. Similarly, BCG has only majority stakes in most of its overseas operations, and each entity is run independently. So Suresh could not have stolen money from them. In short overseas assets of BCG are real and BCG will recover its former glory once this mess of Share Capital forgery is over. This is what I think. Learned members, please share your opinion. Thanks.
https://www.ynetnews.com/articles/0,7340,L-4116177,00.html

[lycos.rags.to.riches]

There is no doubt on the Authenticity of the financials/subsidaries(atleast for me).Only issue was how they were managed. Parent company had no control over the subsidaries, each subsidary was run as a seperate company. Limited effort was made to consolidate the subsidaries and its financials. Parent group needs to have an auditor other than E&Y to do periodic audit of the financials audited by E&Y and other auditors of subsidaries and do a consolidated Audit.
Over the past decade, company finanicals have grown, but the cashflow was within the subsidaries,Group companywas merely reporting consolidated financials and generated miniscule revnue

I hope whatever has happened has happened for Good, SKR is good for CTO/chairman not for CEO. CEO is a person whose actions will be determined by the goals set by the boards which ultimately will be to increase the value of the company and its shareholders.

I pray whoever is appointed as a executive director brings in more professionals to the board and appoints the right person to take the company forward.

Suffering will be temporary if things are set straight now.

[vkhare789]

SKR is good for nothing my friend. There is only one place for such criminals which is behind the bars. A sick and greedy mind will only think about their own benefits by harming others.
If such subsidiaries are able to operate on their own, then why do we need super qualified person for CEO position? we just need an honest person who, along with CFO, can report consolidated numbers correctly and someone who is investor friendly.

[Brightspot]

SKR only involved in manipulating statements, hiding sebi notice from public, manipulating share price by means to proxies, he appointed similar kind of people to help him doing those things..CFO, Auditor, previous secretary who left company abruptly and denying to join the company back, previous CFO who resigned siting his retirement age only after forensic audit it confirmed !! you are right subsidiary working on its own and financials also should be correct if they have not manipulated that as well once they get it from subsidiary. Also i dont think if he has any control over subsidiary financials.
I suspect brightcom audio business now as they have removed Mr cheeti from website after second interim report

Who will be ready to audit such tainted company, and who is brave enough to apply to CEO\ CFO post in such a mess, god only know LOL

[Author]

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