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    Registered Boarder
    Registered Boarder

    Dear SKR,

    As per SAT youwont be CEO again,i request you to not to forge the results.If the results are good pls keep as it is.If you are reading this pls do think of 5 lakh shareholders who have bought shares bcs of u.

    If someone can tag him on twitter pls convey this msg.

    Registered Boarder

    SKR’s reckless and careless attitude is the reason that the company is in this situation. He knew that most of the shareholders of his company were retail shareholders and like I mentioned many times before, I still can’t digest the fact that his friends made thousands of crores not paying a single rupee but we retail shareholders have put our hard earned money and life savings and now it’s at risk because of him.

    He had energy, he had intelligence but he didn’t and doesn’t have integrity, which according to Warren Buffett is more important than the previous two.

    He should respect the verdict and without protest should handover the company to someone. How could he even think of coming back when he has committed so many wrong things?

    If he has even a shred of humanity left then at least now he should care about 5 lakh shareholders and do what’s best for the company.

    Registered Boarder

    I’m guessing they are trying to separate Brightcom and OMS.

    Check the website of OMS which was recently Brightcom and now they’ve removed Brightcom and it’s not showing up anywhere. Even in the “About Us” section, previously they had mentioned that the support and operations team were from India but now they’ve removed that also.

    Even in LinkedIn they’ve changed from Brightcom to just OMS.

    Either they’re trying to come out of the bad image that Brightcom has or SKR has some evil plan and ultimately we’ll end up with just the parent company (Brightcom Group) and SKR might declare it is out of business etc.

    If he does that then he’ll be one of the cruelest persons ever to live on Earth. He’ll be cheating and backstabbing 5 lakh shareholders and their families.

    Registered Boarder

    @Logan! Your message in respect of separation of BCG and OMS, is very scary. All five lakh retail investors will be heavily affected. Do you believe that OMS will not take any legal action against SRK for this sinful effort(s), if he acts according to your message! Warmest regards.

    Registered Boarder

    Now, SKR will strip all overseas customers and move them to his unlisted companies and BCG will be left with loss making Indian operations.

    SAT should have allowed SKR to work till some alternative arrangements could have been done.

    He is a US citizen and SEBI can’t touch him personally.

    Let’s pray to god to save us.

    Registered Boarder

    SKR has a great chance to prove the haters wrong. He can show the results as they are and prove haters wrong that the revenue and profits of the company are true. This will create a positive image of SKR in front of investors.

    If he cares for himself,he will show forge results and prove that because he was thrown out of company,company cannot be run.

    I think that BCG’s financials are true, or else SKR would have run to the US.

    Registered Boarder

    Hi Logan,

    Appreciate your thoughts however, I have some disagreements.

    Just by changing name or website, ownership can not be changed. I agree, may be they are changing name to get out of bad name of brightcom that SKR created.

    Truth is that in the end, we all have some ownership in OMS and that ownership can not be changed by changing name or splitting business.

    Registered Boarder

    While refusing to interfere in an order passed by the Securities and Exchange Board of India (SEBI), the Securities Appellate Tribunal (SAT) dismissed an appeal filed by Brightcom Group Ltd (BGL) against the SEBI order.

    In an order, Meera Swarup (technical member) of SAT says, “…serious allegations have been made against direct involvement of M Suresh Kumar Reddy, chairman and managing director (CMD) and SL Narayan Raju, chief financial officer (CFO) especially with regard to submission of forged or fabricated bank statements to SEBI. Though investigations are ongoing, examination of transactions pertaining to 22 allottees out of 82 allottees of preferential allotments have pointed out to evidence of prima facie diversion of funds by Mr Reddy. In the absence of any evidence to the contrary being filed by the appellants before me, I do not find any lacunae in passing of the impugned order.”

    SEBI received two complaints on 6 October 2022 and 12 May 2023 about preferential allotments made by Brightcom group in the financial years (FY)19-20 and FY20-21, alleging that the company had raised money through preferential issue of shares to entities that were directly or indirectly connected to it and that the funds raised in the preferential issues were given as loans and advances to its subsidiaries.

    SEBI’s preliminary findings indicated prima facie irregularities in preferential allotments by the company including circulation of funds to create the impression of receipt of funds, allotment of warrants or shares without receipt or partial receipt of funds, submission of fabricated bank statements to SEBI and significant misstatements and misrepresentation in the financial statement of the company.

    SEBI, in its order, says Suresh Kumar Reddy and Narayan Raju were responsible for submitting forged and fabricated bank account statements to SEBI with an intent to mislead the investigation and cover up the irregularities. “The observations and findings clearly show the manipulations carried out by BGL and other noticees, in respect of BGL’s preferential allotments, which involve fictitious receipts of the share application money from allottees and siphoning of funds from BGL.”

    However, the market regulator says BGL has brazenly attempted to cover up its misdeeds by submitting forged and fabricated bank statements to SEBI. “The blatant acts of the company and other noticees raise serious concerns about the affairs of the company and also raise doubts as to whether the financial statements prepared by the company and various disclosures made on the stock exchange platform or in annual reports in the past are correct.”

    Considering the gravity of the prima facie findings, the whole-time member (WTM) arrived at the conclusion that urgent intervention by SEBI is warranted and accordingly issued a second interim order on 22 August 2023 in the matter. SEBI barred top executives of the company, as well as investor Shankar Sharma, from offloading or disposing of their shareholding in the company.

    It says, “There is a real possibility that once this interim order is issued, noticees 4 to 25 may sell the shares allotted to them and make an exit. Thus, they need to be restrained from doing so. In the case of the remaining 60 allottees, suitable action would follow after the examination in respect of them is completed.”

    SEBI also barred Brightcom’s CMD and CFO from holding the position of a director or a key managerial person in any listed company or its subsidiaries until further orders. Following the SEBI order, Mr Reddy and Mr Narayana Raju resigned from the Brightcom group.

    Later, they challenged the SEBI order, barring them from holding any position of a director or key managerial personnel (KMP) in any listed company or its subsidiaries.

    SAT, however, says, “I note that the board of directors of the Company were aware of the impending resignation of the other promoter and executive director and his ceasing to participate in board meetings from July 2023. The board was also aware of the resignation of Mr Reddy on 22 August 2023 as a consequence of the directions issued in the impugned order. However, I note that no efforts were made to appoint any executive director in the board to manage the affairs of the Company though almost four months have passed since the impugned order was issued.”

    “It is made clear that any observation made by this Tribunal in this order is only prima facie and will not be utilised by either of the parties,” Ms Swarup from SAT clarified.

    Registered Boarder

    @vkhare789ji I think SKR getting out of BCG itself is a risk.

    If all the financials are real, then SKR was one of the greatest technocrats who took BCG to new heights,but if all the financials are forged, then SKR will be called a scamster. (Right now, it is hypothetical.) SKR’s may form a new company in the US and may attract BCG clients towards his new company if everything is true.

    Today’s result will unearth the truth of BCG.

    Let’s hope for something positive for BCG.

    Registered Boarder

    This is seriously hopeless from the board and the management (whatever that’s remaining). The sad/worst part is that there is still SKR’s influence in the company and seems that the board is not ready to move on.

    SKR will drag this for years as he did many other things before (debt, Lycos/DAUM case etc). SEBI should’ve appointed an independent board member when it issued the order to protect interests of lakhs of shareholders.

    Registered Boarder

    puppets of SKR could not even publish results received from subsidiary, they are such a dumb …pls force sebi to appoint CEO and CFO

    Registered Boarder

    Spot on, Logan. My thoughts, exactly. This is how SKR prefers to “line up the ducks”. He has been lining them up all these years, conference call after conference call. And all I can think is, hey, what the f(d)uck!

    Dark roads ahead or light at the end of the tunnel, only time will tell.

    Registered Boarder

    I’m not sure what these new independent directors might be thinking before joining the board/company. They are willingly joining a tainted company. Are they hoping to revive it? or are they thinking that anyway it’s just being independent directors and later they can say that they didn’t/don’t have any control so they’re resigning and not get associated with the company?

    If it’s the former then I appreciate them but if it’s the latter then no hope for us.

    It really takes courage to join a company like BCG at this stage. If things go bad then they’re risking their names (and potentially their careers) by being associated with a company like BCG.

    If they willingly let SKR destroy the company then they are no better than SKR.

    Separation of the chairman and the CEO roles is very important going forward (if the company/board is serious and ready to move on). The chairman should be like Sri Rama and the CEO like Hanumanji or the chairman like Sri Krishna and the CEO like Arjuna.

    Unfortunately the person who was supposed to be the hero has become the villain in BCG and one of the main reasons is because there was no strong board. SKR still has time to become a hero once again. He should move away from the company and should accept whatever the courts/Sebi order and later based on his behaviour he can come back to the company as a consultant. Each and every shareholder had trusted SKR for years and it’s the least that he can do now.

    Registered Boarder

    @Logan, Dear Logan, just a thought during the time of issuing warrants and Preference shares SKR selected a group of limited close friends including SS and played a dirty game thus keeping retail shareholders in dark. While tendering his resignation from the post of CEO along with FC at the demand of SEBI, he might have big plans in his mind in consultation with so-called close friends and lawyers. Now they are acting in accordance with their pre-plan(s)! Under these circumstances, what could be the future of shareholders? I am not trying to create a negative scene in the mind of readers. but just a subject of discussions. Warmest regards.

    Registered Boarder

    dear friends, I would suggest you guys to short at this level ,remaining puppets in the company cant do anything, they were paid only 1 lakh per annum as sitting fee..i wont be surprised if they dont even know how to read financial statement …company secretary left long back but information not shared by management..i believe SKR used to send email to him and he was going to sign on it can buy back once it come down below 9 ..this is just my view

    Registered Boarder

    In the absence of any credible information we make all kind of assumptions based on the data available to us.

    For now I feel… It is not SKR alone looking for an exit route. But SEBI too😀….

    Whatever White Knight I was assuming may have chickened out once SKR showed what is their in store for the white knight if he gets in by showing signs of Subsidiaries getting hived off. No one will touch BCG minus OMS.

    Now white knight is out and it is only SKR and SEBI. SKR made the move by showing dysfunctional BCG without his leadership. It is SEBI’s turn now. The message to SEBI is very clear now. What is that they want…. BCG with SKR or Just an Empty BCG. SEBI has to take a call… A mutually acceptable exit for both SKR and SEBI.

    As for as SAT judgement is concerned I see a long drag. SAT can give judgement only on existing case…. Which is related to SCNs. Whatever be the judgement SKR still has an option to drag the case when SEBI comes out with final order.

    IMO… SEBI giving BCG back to SKR with big penalty (even 1000 cr may be acceptable to SKR) seems to be the option.🤞

    Registered Boarder

    @saach, sorry for the late reply. I don’t know what’s SKR’s angle and what plans he has.

    Sometimes SKR looks textbook selfish and pure evil but sometimes he appears like a good person as he answers all the queries in the conference calls and doesn’t cancel even when the situation is very tough for him and the company. But one thing is sure that he’s reckless and careless and mostly does things only when it suits him and he’ll not care if others suffer because of his actions. He’s a pathological liar and is overly optimistic even when he does stupid things and doesn’t want anything negative talked about his company (when he does stupid things.)

    Sometimes he doesn’t understand the reality and lives in his own bubble. He thinks that he can get away with the PW mess and forgery, both of which are serious fraud. The company grew because of him but it’s also in an embarrassing position because of him.

    He’s intelligent when it comes to few things but is utterly stupid and lacks common sense in other things. Imagine how stupid he must be to give away crores of shares for free and thinking that he doesn’t get caught.

    Shareholders will not forgive him and it’s a shame that he’s trying to get back to his previous positions (Chairman and CEO) knowing very well that he’s committed a serious fraud. We can’t expect much from someone who lacks integrity. It’s better to tell the truth and face consequences than to lie, cheat and back-stab others.

    I’m guessing they have separated Brightcom and OMS for 2 things

    -To show dependency on SKR and tell everyone that only if he’s there as the CEO the company will grow and survive.

    -To come out of the bad name that Brightcom has because of SKR.

    SKR will say that there’s no one important in the company who can take main decisions and BCG/Brightcom will not survive if he’s not there in the company anymore. So, except OMS, they might show revenues falling in other companies (Frontier Data Management, International Expressions Inc, Dyomo etc). Like I said before, many things were clear during the Ybrant days but after starting Brightcom it’s little difficult to say who’s handling what. My guess/theory is that SKR was handling the US subsidiaries and those are/were more dependent on him and they used OMS people to get the sales for those subsidiaries using the Brightcom brand but operations were handled by SKR and his team. In the many conference calls I have asked SKR many times to give more details about the structure of many subsidiaries but he never did that. Sometimes he used to say that they won’t disclose much because competitors knowing that will cause issue to the company (and also because of the Daum case).

    SEBI didn’t find any issue when it did the forensic audit of US subsidiaries and when MediosOne, DreamAd, Addynamix, VoloMP, Max Interactive were bought, they were few of the top ad networks (back then ad tech companies were called ad networks) in their countries/region. OMS was among the top in Europe. But my fear is that if SKR can manipulate financials of BCG then he can do the same for subsidiaries also and that is why I’m considering only the financials of OMS and will be gutted if he tries to separate it from BCG.

    Previously I supported SKR a lot but I started losing respect for him when he hid the news of FA, his actual shareholding and lost respect for him completely after the second SCN. (I had respect for him because it’s very tough for companies to survive in the ad tech industry. I had seen many companies going bankrupt and losing business because they couldn’t compete. Recently also I was very scared when Mediamath’s bankruptcy was announced. Since the technology is changing everyday and since AI is taking over, I thought BCG and SKR would take good decisions as the company is good at adapting to changes but SKR back-stabbed his shareholders who trusted him and respected him for years.)

    I’m so stupid that I missed many opportunities and bought only BCG (before second SCN) thinking SKR will change things for better because SEBI was monitoring the company and he had no choice but to follow SEBI’s instructions but the second SCN dashed all hopes and SKR’s reckless/careless/arrogant behavior is the reason for the misery of shareholders.

    Since this is a forum for BCG I don’t want to talk about companies in other sectors but I will mention about one company which also had to go through forensic audit. Like BCG, Man Industries had also hid the news of forensic audit for many months, but its stock is up 4-5 times from the date the FA news was announced whereas BCG has crashed 80-90%. I wanted to buy that stock but felt that BCG being a tech company was more undervalued and had better future but I was completely wrong. Man Industries settled with SEBI by paying Rs.9 lakhs penalty for lapses in disclosing about forensic audit.

    I don’t know whether my hard earned money and life savings will go to drain because of SKR and I have no choice but to be ready because it was I who decided to keep BCG and invest more. I may regret my decision in the future but I have to live with it.

    (Please don’t consider my views/opinions for buying/selling decisions of any stock)

    Registered Boarder

    Dear @Logan, Hats off to you, I appreciate your efforts and honest views on the subject matter. Let me confess that I am also sailing in the same boat. I am 77 years old retired person. Your detailed explanation forced me to open myself to you. But one thing is definitely positive after having gone through the latest shareholding patten declared at the end of December wherein Van…… invested around two percent in their kitty, and increased share by other FII and Domestic mutual funds, as well. Now, I think it is a matter of couple of weeks and the real picture has to come out very clearly. Definitely, it is just my assumption and personal feelings. I am invested in this company since 2016. I am still positive on this company, why I don’t know the reason 🙂 Warmest regards.

    Registered Boarder

    Thanks @saach. I hope that we all come out of this situation and see bright days ahead.

    Regarding the increase in FII shareholding, please don’t consider it as a positive as those FIIs are buying only because BCG is part of an index and they will dump all their shares immediately if BCG is removed from the index.

    SKR destroyed the dreams and hopes of lakhs of shareholders and he is okay with cheating us as it looks like he doesn’t give a damn about shareholders. He wouldn’t have committed that fraud if he really cared about us and the future of the company. It would’ve been very hard but we could’ve somehow forgiven him if they hadn’t sold a single share (if he and his friends paid penalty to SEBI) but they dumped all their shares not giving a damn making thousands/hundreds of crores as soon as the lock in ended. SKR knew that the ones who were buying those shares dumped by his friends were retail investors and that we’d suffer the most but he didn’t care about us a little also. He kept on lying and he’s the main reason for our misery. We can never forgive him for back-stabbing us. SKR should suffer for cheating and back-stabbing us. It should haunt him forever for cheating lakhs of shareholders.

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