[Brightspot]

One thing I have noticed, sell quantity is constant not decreasing considering the volume traded , probably new manipulation is happening!!

[Saach]

@vkhare789, @Brightspot, @Admin; We created this forum to discuss on the fundamentals, technical, and related information of the Brightcom Group and not to discuss, blame and accuse any individual(s), unless found legally guilty. For long time we are having very positive and professional guidelines from the technical expert members of this Forum, we established our objective issues very carefully and talk on the matters of the company only. Unfortunately, if someone has, due to unknown reasons, followed the wrong roots, if proved, will definitely be punished, accordingly. Currently, we all are sailing in the same boat and have to think on the subject positively and wisely, to find out reasonably quick and legal way(s) to come out of current situation. As @Logan, suggested, various steps, actions, solutions in his earlier messages, and with such efforts, we will definitely, be out of this painful situation. Certain things are not in our hands, and we all have to think patiently and positively. This painful situation will not remain for long time. This are my personal views and thoughts. Everyone has right to speak, freely. Warmest regards.

[Brightspot]

@saach i can agree with you , we have created forum to discuss fundamental, are we in situation to discuss fundamentals at this moment? it doesn’t matter we talk negative or positive about individual or company, tomorrow if this forum exist or not..things are bound to happen..so chill guys !!

[vkhare789]

After the news of 2nd interim order , I was highly stressed for number of days until I came across this video which helped me to calm down. I hope it helps others as well on this forum.

[Logan]

In this difficult situation I can understand every investors’ frustrations and pain. It’s very painful to look at stock prices declining each and every day and the company not taking quick actions to fix issues. Like I said in my previous post, if they have even a shred of humanity/empathy/sympathy then they will take quick and necessary actions.

The previous CEO betrayed each and every shareholder by his selfish acts. He brought pain and misery to lakhs of investors and their family. No one knows what’ll happen in the future and how long it will take for things to get better. If he really wanted only money then he could’ve sold the subsidiaries and distributed that money well before doing these shenanigans.

Why make investors and employees go through so much pain? He should’ve known that any day he would get caught and should’ve resigned when SEBI started investigation on preferential allotments. When I saw the news and the second interim order, I was in shock and horror. What did he get at the end? Even his friends and family will not give respect to him for the rest of his life. He did such a shameless thing and he should be punished for the sins he committed.

Like Warren Buffett says, it takes 20 years to build a reputation and 5 minutes to lose it. In BCG’s case same thing happened. Everything could’ve been done in a honest and correct way. Why did he take the bad path when the good path was so easy to take. Many companies are professionally run and they have miniscule promoter holdings (especially in the foreign countries). If he conducted everything in a honest way and didn’t do such shenanigans then the market would’ve given a good valuation to the company even if the promoter holding was low. This would’ve been way better for him than the current situation that he is in. Now he’s also not in a good situation and like mentioned above, his actions have made investors also to be in a bad situation.

Like they say, pray for the best and prepare for the worst, I’m following the same.

The best scenario would be all the revenues and profits are 100% and the new management and board cleaning up the mess created by the previous CEO and bringing more transparency and good image.

The 50-50 scenario would be at least 40-50% of the business is real (audited by EY) and the company takes good care of that subsidiary at least.

The worst scenario would be nothing gets done and the stock gets delisted.

I’m hoping and praying that everything will be good and shareholders will get rewarded. We should continue to stay united and continue putting maximum pressure on the company to get things done quickly.

[vkhare789]

6.5 crore shares bought in few minutes today and share is now in uppper circuit. Something big might be on the way…

[Saach]

@Brightspot! No need to get annoyed with my views. I addressed my message to Admn., as well. Warm

[lycos.rags.to.riches]

Upper circuit is a temporary relief to reduce some tress. Unless we get some positive notification from BCG on any of the pending issues, we shouldn’t get excited by the upward movement of share price.

[akkithegrt]

I don’t know about upper,but somewhere my instincts says ,BCG financials are true,once sebi comes out with FA we may see new high.

lets wait and watch!

[imposiblznuthin]

@akkithegrt: My take is: BCG has been making good money constantly. SKR had fear of takeover (due to his low shareholding) so he built an atmosphere of company having CG issues and fraud financials. In meantime he lost further shareholding due to invoking of pledged share. So he decided to acquire more shares in his company by unethical means. His plan was to acquire more shares and then take the price higher, but unfortunately for him FA was initiated & SEBI came into picture. The Worst thing is that he lost everything in this process. Anyone who wanted to siphon off money wouldn’t have bought back shares in his own company. He could easily show payments to other vendors and the route it back to his family without going through issuing warrants. In fact most fraudsters increase the price of their company and at the height of stock price they exit. Here he was trying to acquire more shares albeit unethically.
So yes, I do believe the financials of BCG is true.

This is just an informed opinion based on the circumstances. I have no evidence to support this claim.

[akkithegrt]

@imposiblznuthin Yes, I do agree. I think there will be pain for 3–4 months,but once everything is clear, new investors will start pouring in.

Please note that quarter 2 financials will be important; if they come as per projections,SKR will earn some respect from investors.

I don’t think SKR has done financial manipulation; if he had, he wouldn’t have been here posting to exchanges about shares being invoked.

The problem is people like Sucheta Dalal, because without knowing it, she has started giving examples of BCG scams everywhere. Mind it,wow,she thinks of investors.

The next guy is Shankar Sharma. Stop following him; he has lost my respect after taking your turn on BCG. He should have come forward as a big investor, and his job was to get it done from management in such a condition.

[akkithegrt]

@imposiblznuthin Yes, I do agree. I think there will be pain for 3–4 months,but once everything is clear, new investors will start pouring in.

Please note that quarter 2 financials will be important; if they come as per projections,SKR will earn some respect from investors.

I don’t think SKR has done financial manipulation; if he had, he wouldn’t have been here posting to exchanges about shares being invoked.

The problem is people like Sucheta Dalal, because without knowing it, she has started giving examples of BCG scams everywhere. Mind it,wow,she thinks of investors.

The next guy is Shankar Sharma. Stop following him; he has lost my respect after taking your turn on BCG. He should have come forward as a big investor, and his job was to get it done from management in such a condition.

[vkhare789]

Good to see improved and new website of ‘brightcom’. https://www.brightcom.com/

However, website of ‘brightcom group’ is still boring. https://www.brightcomgroup.com/

Also, good to see Brightcom’s position and market share in Adauth. https://www.adauth.com/exchanges/brightcom.com

Data at the subsidiary level suggest that this data should ideally be correct and there is less chances of manipulation. Problem is at the group level where corrupted management took selfish decisions and put investors’ interest at risk.

[Logan]

Founders of companies or CEOs deserve to be rewarded for the work they do in building and growing the company but that should be done in an ethical and legal way. Like mentioned before, TTD (and many other companies) will give billions of dollars worth shares to its CEO if he performs well and BCG could’ve followed the same and no shareholder would’ve complained. What SKR did was backstabbed lakhs of shareholders who believed in him and the company for years.

In many confrence calls he called shareholders as family and even when the company issued that stupid second bonus shares he called shareholders as family. Would someone do something like this to family members?

He knew that most of the shareholders of his company were retail investors (mostly from hardworking middle class families who put their hard earned money and life savings) and yet he backstabbed everyone.

The worst part is that his rich friends who were already rich made hundreds of crores of money and became ultra rich without paying a single rupee while hard working people who put their hard earned money and life savings (like mentioned above) became poorer every day. I don’t know he slept every night without feeling any guilt. People who have humanity/empathy towards other humans won’t do this type of things.

I had mentioned in many of my previous posts that SKR was good when it comes to business side of things and bad when it comes to valuation (like giving shares to selfish people, then giving unnecessary second bonus shares, not having good corporate governance etc). I always thought that if the business was good then valuation will catch up eventually but I never thought he’d resort to this. One good thing that he did was he made the company debt free.

In all my years as a shareholder of BCG, I never experienced a good time. There was always drama and anxiety. I never imagined that a CEO of a major company would do such a thing. I don’t understand how a person can be that stupid and show fake transactions in this digital world. With the recent episode, drama has turned into a horror show.

Like in horror movies, the devil or the ghost has come and now there’s no choice but to face the ghost and get rid of it. As retail investors we don’t have options but to rely on others. It’s the responsibility of the board but will they do it? Maybe they’d have done it quickly if big institutional shareholders were there but will they care about retail investors? Who can we trust and rely on now?

Like I’ve mentioned before, we should put maximum pressure on the board now to make them do things quickly. They owe shareholders a lot and they should take the responsibility at least now. Lakhs of shareholders depend on them now and will be happy if they take good decisions.

We need a strong chairman and a CEO who will be ready to clean up all the mess created by the previous management. We need a CEO and board who will genuinely care for shareholders and who will have empathy towards lakhs of retail investors.

[Raj]

Never ever in my life thought that an IITian from Kharagpur will involve in such fraudulent activity of his own company and duping innocent investors by his sugar coated words. What a shame. Lets hope & pray to see some positive developments in the company soon.. cheers.

[Logan]

I had respect for SKR for building BCG from scratch and I always thought that he had good intentions but because he was not good in market related things he was not taking good decisions on valuation part and I thought the company could hire someone to guide on that front and fix the all issues. He was answering each and every person’s queries in the conference calls, he closed all the debt, made sure the company survived when other companies failed. Even recently I was little scared and worried when Mediamath had failed. That company was good operationally but took on more debt because of which it was sold for peanuts recently. I liked that he didn’t take on debt. This is a very tough industry to be in and I thought he was doing the best he can but all these didn’t give him the right to do the thing which he did. Company not getting a single rupee for the crores of shares it gave away and him doing forgery, those are the worst things someone can do.

Compared to the past, there was an improvement in governance (especially when Mr Peshwa Acharya came on board) but not to the extent we had hoped. After FA verdict came, I thought the company had no choice but to fix the governance part and comply with all the rules and regulations. If the company failed then SEBI will put pressure and make sure that everything will be followed. Best example was sharing the audited results of major subsidiaries.

In hindsight everything looks clear but when we are in a particular situation it’s very hard to be rational.

Warren Buffett said this when asked what he looks for in managers (or people who he likes to hire)

Look for 3 things in a person. Intelligence, Energy, & Integrity.
If they don’t have the last one, don’t even bother with the first two.

Being a naive idiot that I am, I didn’t look at the third one i.e. I concentrated on the first two. I thought that there are flaws in the company/management and that could be fixed. Even Mr.Shankar Sharma had mentioned the same when he talked about his investment in BCG and termed it as a 4AM stock.

Everything would’ve worked if he didn’t do that fraud. The worst part (which I said in my previous post) is that those PW allottees didn’t even pay a single rupee yet they made hundreds of crores. They started dumping as soon as their lock in period ended but we retail investors kept on buying.

He said in one of the conference calls that he had put his heart and soul into the company but would anyone with a heart and soul cheat shareholders and the market like this? The person who was supposed to guide the company and lakhs of shareholders has backstabbed us. I’m not sure how he can eat food and sleep at night with all the guilt.

Also, I wanted to highlight on adauth data. I’m not sure how it works and how important it is when it comes to revenue and profits. The market share is not on an absolute basis, that is, currently it shows BCG having 14% market share, Google having 86%, PubMatic 43% etc etc. It doesn’t mean that BCG has 14% and rest are others but it means that out of the 100 publishers 14 use Brightcom and 86 use Google, 43 use PubMatic etc and that one publisher can use two or more adtech companies. For example, CNN can have BCG, PubMatic, Google and other companies. People will hype this data but be careful on that. And the important part is that adauth shows mostly SSP data (supply side platform) but not DSP data (demand side platform). TTD’s revenue is more than $1.5B but its market share in adauth is less than 1%. TTD is mostly a DSP.

(I think BCG also owns Audienciad, GetMediaMX, Onomagic etc so everything is not entirely clear)

And other thing is about PE ratios of many adtech companies. TTD is not trading at 336PE. In the US they consider both GAAP and non GAAP earnings. So when you consider one you get $400-500M profit and when you consider the other you get $120M profit. Same for Magnite, PubMatic etc.

If SKR was honest and didn’t backstab shareholders then he could’ve achieved so much but he shot himself in the foot and because of his stupid actions and betrayal, we have to suffer. I hope and pray that the board will take swift actions and genuinely care about retail shareholders who have supported the company through thick and thin. Hope that the next chairman/CEO will have more integrity and he/she will get us out of the mess created by SKR.

I wish everyone a very happy Ganesha Chaturthi. Hope from this day we will start to see good days.

[nidhirajesh]

Just a thought – the cheating by greedy promoter is very much similar to Satyam, would it help we all writing to PMO to intervene and safeguard the interests retail investors by bringing in right set of people into board to run the company.

[vkhare789]

@nidhirajesh
Point well put. We should definitely try to do that. But question is- who will take the lead on this and what are the correct steps to take this to execution?

Not just PMO, we should add other important entities on our list too.

[nidhirajesh]

I do not have any idea on how we can communicate this to PMO, but i heard from few of my friends (different issues) who reported, have received help on most of the cases. Any suggestions from experienced people on this forum?.

[Logan]

Thank God the board is still alive and somewhat active. We need them to be more proactive and try to fix all the issues at the earliest.

The new board member has a good profile. I was expecting them to appoint an executive director but they’ve appointed an independent director. Looking at his profile, I think he will guide them on regulatory matters and also help them to hire the next CEO and CFO (and an executive director). This is just a wild guess/speculation and I maybe am wrong on this.

I think the company secretary might have quit (or he’s on leave). The last few notifications from the company have been signed by board members instead of the CS. The last signature from the CS was when the company shared the outcome of board meeting held on 27th August (when the CEO and CFO resigned). Obviously no one will want to associate themselves with a tainted company but leaders are made in crisis times.

I’m glad that the new board member has accepted the role of independent director during crisis times and I wish he will help the company and the shareholders which is the need of the hour. I wish him all the best and hope that his appointment will bring a fresh change and that good things will follow and we see good times ahead.

[Author]

Posts