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    Registered Boarder

    Chart attached.

    Registered Boarder

    Mark Twain said “History does not repeat but it rhymes” and I think he saw people like SKR and companies like BCG to come up with that quote.

    SKR and BCG told us they’d improve most things within some time frame but they were always lagging far behind. Even if they did something within that given time, it was always the last possible day. And Mr.Sen looks like the same. Birds of a feather flock together.

    Mr.Sen said two weeks time for limited review results but still no update on that and tomorrow is the last day. We all are waiting curiously for that but they won’t care. Instead of saying two weeks he could’ve said 3 and do his task within the given time. Why set expectations and disappoint later? Why do everything on the last possible day?

    It’s the same old since last many years and though it’s not repeating, most things are rhyming. It’s 6 months since the CEO and CFO resigned but still no news on hiring new people for the jobs. They hired an executive board member after 4 and a half months and don’t know how long they’ll take to hire a CS.

    I hope and pray Mr.Sen will start paying attention to shareholders concerns and he’ll bring positive changes in the company.

    Registered Boarder

    We are past the stage where we (or the market) take comments from the company seriously.

    I don’t know whether to laugh or get sad/angry when they say things like transparency, meticulousness, integrity, commitment etc, especially after suffering from the wounds caused by them. No one is interested in words and all we care about are the actions and I don’t know who they are trying to fool with words like that.

    There’s no use in pleading or requesting with them as they are least bothered about shareholders’ pain and concerns. I don’t think they have any humanity left, they’d have changed things quickly if there was even a slight of humanity left.

    I don’t know when the “Bethal” which has been on all our backs will go away permanently and give us peace. Except for the last few months of 2021, I haven’t seen good days in BCG from the day I started investing in its stock.

    Sebi should’ve appointed an independent director when it ordered the CEO and CFO to resign. Without supervision BCG board will do nothing and drag things for years and they’ll keep using fancy words while sharing useless updates.

    Registered Boarder

    Sebi, skr are all involved to screw up investors. Even the new mgmt team are chamchas of skr. So much of noise from retailers doesn’t even bother the officials. Looks like everyone has given up. Investors who bought above 60 are the ones to get affected the most. Only time will tell where this ends. Another movie can be made titled “SKR-IITian Brightcom scam”.

    Registered Boarder

    The company currently is headless and we need strong character people with integrity to run the company. In companies, when founders leave (mostly forced) there’ll be less growth in the business but the governance will improve but here it’s even worse. They keep using fancy words to describe themselves but nowhere we have seen that translate into actions.

    I don’t know how many of you watch European football leagues. Unlike IPL and other leagues, in football they have relegation and promotion. The 3 teams to finish bottom of the table will be relegated to the second division and the top 3 teams in the second division will be promoted to the first division and same for second, third, fourth and other divisions. A team relegated this year has to play a year in the second division and if they are in the top 3 then they will come back to the first division. Few teams do this but few teams become even worse and get relegated to the third division and later cease to exist.

    Top teams (who are very rich) will always be in the top 6, at least in the top 10, and there are mid table teams who for years will be in the mid of the table, they neither go up nor down. Then there are teams which always fight relegation but survive on the last day. There are other teams who play first division this year and the second division the next year and again first division and on and on.

    Why I’m bringing this up right now is because many companies go through relegation and promotion phase unofficially, that is, because of different circumstances. Some will be self inflicted (like BCG), some will be because of the market conditions (commodity companies or few companies during recession etc).

    There’s a club called Everton which was playing well this year but the EPL (English Premier League) officials found the club had breached financial fair play and they deducted 10 points because of which Everton now is battling relegation and it might get relegated also. Nottingham forest was deducted 4 points. But the champions Manchester City who have breached more than 100 rules have got no point deduction and they are winning many trophies. Many years back, Italian giants, Juventus, were relegated because they had done match fixing but they bounced back the next year and won their league 10 years in a row few years after that incident.

    Football clubs while facing relegation will immediately sack the manager/coach and appoint a new person as a manager. Staying in the top league will mean more revenues and more commercial opportunities. Most of the players will leave clubs which get relegated.

    Now we have to understand where BCG is, it surely got relegated stock price wise but is it the same with the business? BCG got relegated when it came to the market but bounced back and later got relegated again when Daum case happened and stayed in the lower divisions for many years. Then in 2021 it bounced back and was ready to stay in the top for years but SKR dragged the company down with him so it got relegated again. We have to analyze whether it will get relegated even more or cease to exist or will bounce back.

    All these happened because the leadership/manager (SKR) of the club was not an able and a stable person. He was good at business but utterly bad at other things. We can see many companies in adtech or commodity industries like this but most will be because of the market conditions and very few because of the leadership. Magnite will always play in top division this year and lower divisions in the next few years and again back to top division and on and on. Criteio though is not as bad as Magnite, will still get relegated when things are bad and rise during good times.

    Real business is like having good players, you change the underperforming manager and bring in a manager who can bring stability and make sure you survive this year and fight for better places in the next year. But if the business is not real then it’s imminent that the club will cease to exist in the coming years (unless a rich guy buys that club and injects money).

    Personally, for me, it’s the Israeli company OMS which I believe is like having good players in the team. I will stay till OMS is part of BCG. Now the problem is with the manager/leadership (SKR & co). If they bring in a strong leader/manager with integrity would mean BCG may get promoted again and many years of stable leadership will mean it get promoted to the top division. But for that to happen, SKR shouldn’t play games and he should stay away from the company. I thought Mr.Sen even though is under SKR influence might bring in positive changes because of the situation the company is in. So far it’s just words and not real action.

    I always believed SKR was a good manager and the situation was bad for adtech companies before COVID but never imagined he’d backstab us.

    Let’s pray for the best and prepare for the worst.

    Registered Boarder

    I want to know what SKR/BCG angle is regarding OMS, Israel. As per March 5th update from company, revenues and profits include OMS’s financials but they’ve removed any reference to BCG from the website. So, SKR is not planning to remove OMS from BCG entirely but maybe he’s trying to keep it under the radar so that BCG or SKR will not lose it or because he doesn’t want OMS to be involved in legal troubles which may hurt its business.

    In the conference calls he used to say that he had ring fenced all the major subsidiaries of BCG when Daum case happened. I saw in one of the transcripts of the court that Daum wanted a piece of the subsidiaries and BCG refused to accept that and that’s the reason Lycos was purchased using a different US based subsidiary (Ybrant media acquisition) so that Lycos won’t be associated with any of the other subsidiaries of BCG (Ybrant).

    Like mentioned before, for me OMS is the main factor to stay invested in BCG.

    These are just my guesses/opinions and should not be considered as facts and for buy/sell decisions.

    Registered Boarder

    Brightcom is at no. 4 in the video seller trust index published by pixelate.

    Registered Boarder

    This is 2016 news

    Registered Boarder

    The company will never come out of SKR’s influence and we have to live with that and there’s no other option. For 2 decades everyone relied on him for everything and it’s no use expecting them to change now. If the board really wanted to change then they wouldn’t have brought in Mr.Kallol Sen who is nothing but SKR’s proxy, though he might not get involved in illegal things as he’ll be fearful, he still will follow SKR’s advice because SKR has brought the perception that the company can’t move ahead without him.

    Looking at things, I don’t think we will see major shift in the company’s behaviour till he comes back. Don’t know for how long SEBI will ban him but he’ll drag things till he comes back and the stock will continue to underperform. Arrogant, narcissist, selfish people are like that, they’ll not care about others and they’ll do whatever they want till they get what they want.

    One year back SKR said we all will thank him for giving the second bonus but look at the state we are in now. When he resigned he made the statement that everyone will come out of the difficult situation keeping the company’s long term vision and the INTEREST OF SHAREHOLDERS in mind.

    Company people just patting themselves on the back just because they shared an update saying things like transparency, meticulousness, integrity, commitment etc. In few weeks time they will be required to share Q4 results but they haven’t even shared the Q2 results. Is this the long term vision of the company?

    Registered Boarder

    Logan, while broadly agreeing with your evaluation of this situation, I cannot understand why the share should underperform or keep under pressure for a long time.

    Consider that SKR is banned for 3 or 5 years from the capital market. In that case he has to run the show from behind keeping Kallol or somebody else in front. He cannot prevent the publication of results till that long. Of course he can prevent that for some more months. It is unlikely that they can manipulate the results any further under present conditions.

    As skr is the major owner of the company, it is his interest in keeping the business intact. Even after the question of the ownership of the shares and board membership continue in litigation, the share price should reflect the underlying fundamentals.

    Why don’t we think that probably now skr is in darkness about the final order of SEBI. So he cannot prepare his game plan. But he is with huge money in hand. 30 crores shares post bonus were sold in the open market; maybe above Rs 50 per share. If the SEBI asks to pay back 192 crore rupees with interest and fine, he can do that easily. It is likely that amount may come down by 30 crores as the confirmatory order says that there is definite evidence for the payment by Subrato Saha and Dr Varadharajan. SEBI doesn’t accept that it was for the loan to the company. But a court can reverse that.

    If the SEBI asks to re-purchase 30 – 40 crore shares, which is the unpaid number, that also he can do with the present share price. But till the SEBI comes with the final order, he cannot plan his game.

    Registered Boarder

    Dear @Sobha, I would like to mention the reason for – quote – “why the share should underperform or keep under pressure for a long time.” because market does not accept uncertainty, doubtful cases and complicated governance. Now if we consider all your points about having 1500 crores in hand by selling his shares and SEBI’s final delayed final decision – that too is not so simple case to understand the depth of the consequences which definitely could be harmful for retail shareholders. This is all my personal comments without having technical knowledge about share market. Please note I am a retail shareholder not an expert in this field. In short, we have to wait for the final decision from SEBI and undeclared results for three quarters.

    Registered Boarder

    Bcg moved to Z group category for non compliance.. what does this mean now?

    Registered Boarder

    Can’t understand Kallol’s personality. Why would an IIT & IIM act like a sidekick to a criminal? Doesn’t he have a mind of his own? One 7K CR international company is given to him on a platter. Even if he takes care of simple corporate governance he can turn around the company’s image and project himself as a great CEO. That too he can do it very easily under the current dummy board and may get full blessings of SEBI and 80% of investors. Just wondering what is stopping him doing such a thing. Doesn’t he have a self pride?… Hasn’t he learnt anything from IIT & IIM? Shame on him and shame on those great institutions.

    Whatever biscuits being thrown at him right now… He can make multifold of it on his own if he takes right action. Basically he is proving himself as a failure even when great opportunities thrusted on him. That shows why he didn’t have a great career even after all those qualifications… Proving himself that he is just a dumbass.

    Time to start #ThooThoo Kallol campaign.

    Registered Boarder

    @sobha, sorry for the late reply.

    Regarding control, I guess it’s not only about the results but the total control of the operations etc. I don’t think SKR had planned to delay publishing results so late, I think it’s happening because the SAT judge retired. I guess he wants to know the extent of his punishment before (making) the company take decisions. The order from SAT should’ve come few months/weeks back but didn’t because there was no judge. SKR in his own delusional world must’ve thought that the judge would give him a somewhat favourable order and he could come back at least temporarily. He wants to show to the judge that the company will collapse if he’s not back as the CEO. If the results are good and if he publishes it then his case will become weak so he’s trying to drag till there’s an outcome at the SAT (maybe at least till May 9th). He resigned immediately after the SCN2 came so he’ll show that he’ll follow orders without objecting (to look good).

    On the PW shares/money, it’s not fully conclusive because SEBI hasn’t shared the complete details yet. I’m curious to see what SKR’s argument is. I want to see the 187 page reply he/company sent to SAT against SEBI’s order. He must be having some evil agenda.

    For me, I want stability in both – the company’s operations and its stock price. Check PERION Network and how bad it is doing in both the cases. In 2020, it was 2-3 dollars and went above 30-35-40 and fell more than 50-60% in 2022 and last year it did very well and went above 40-45 and everyone was bullish on it and its management was giving higher guidance for both revenues and profits but few weeks back they shared that they’ll not be able to meet their own guidance and expectations and the stock tanked 40-50% in a single day. Now the stock price is 10 dollars.

    Interestingly, few people are trying to sue PERION and they are approaching PERION’s shareholders to join them. They’re saying that the company misguided investors by giving false guidance on its search advertising business (with Microsoft Bing) and they’re calling it a fraud. I wish someone do the same against BCG and particularly against SKR. He lied and back stabbed us and he and his friends made thousands of crores of money not paying a single rupee at the expense of small retail investors and he’s continuing to torture us by not letting go of the company.

    Coming to Mr Kallol Sen, I’m guessing SKR selected him because others won’t be a rubber stamp especially in this situation. Notably he wasn’t selected as a CEO or as a Chairman but only as an executive director. There’s no role like COO or CTO etc also but only as an executive director. This is an indication that SKR is planning to comeback. We badly needed a person with integrity to come on board and take us to clear waters but Mr Sen doesn’t seem to have that. The market is changing a lot and we need leadership stability, else BCG will also become like other companies that went bust. The main reason I supported SKR in the past was because he guided BCG when there were very tough situations. Many ad tech companies went bust in the last decade and seems the companies will face similar situation in the coming few years. Only hope for me is OMS.

    Some people think of ad tech companies like typical IT companies and compare dividends etc but it’s completely opposite. IT companies have stability and can use cash flows for dividend/buyback but ad tech companies have to invest most for future. The main reason I didn’t suspect the PW shares was because ad tech companies are in constant need to cash. AFFLE had raised good amount of money in its IPO but again raised hundreds/thousands of crores in 2022 and I think last year also it raised money (I’m not following it regularly). It looks like all the growth came mostly from raising money and not organically. I’m not saying AFFLE is a good or bad company but only sharing my observations.

    Technology and privacy related changes will sometimes be brutal for ad tech companies and all have to tread carefully. So, repeating again – leadership stability is very important. SKR must leave the company alone and let good people take over. If he really cares about his company then he can become a consultant. He has caused enough pain to shareholders and must stop immediately. The dummy board and Mr Sen should wake up at least now and genuinely care for shareholders instead of using unnecessary fancy words. Action, not fancy words is the need of the hour.

    Registered Boarder

    @Logan, Thank you very much for your well considered reply. I do fully agree with your evaluation of the situation.

    Still a minor point I would like to bring to your notice.. You said, “his friends made thousands of crores of money not paying a single rupee at the expense of small retail investors”. The confirmatory order of SEBI says that Shankar Sharma fully paid. There is evidence of full payment by Dr Varadharajan. What SEBI doesn’t agree is that the payment was for PW. Subrato Saha also paid. If we consider these things as book adjustments, broadly he has not given anything to his friends. The fake LLPs which were allotted 15 crore pre-bonus shares were likely to be meant for Vijay Kancharla. Of course there are minor corruptions like allotment to auditor as a bribe.

    Your evaluation of SKR making rs thousands of crore is fully correct. He must have some evil intentions in his reply to SAT is also agreeable. Thank you for your well thought out narration.

    Registered Boarder

    We wanted Mr Kallol Sen to become Vibhishana but he has become Kumbhakarna. We have seen more updates on resignations than the updates which the company must and should have shared (results, AGM etc). They’re least bothered about shareholders’ pain.

    I don’t think Mr Sen or the board has any answers and maybe still hoping that SKR would get a favorable verdict. SKR doesn’t understand that SAT or SEBI will be more harsh on him if he makes the company delay doing important things. Lakhs are suffering because of one person’s selfishness and stupidity.

    Registered Boarder

    PCN Associates – auditor of BGL banned for 2 years and CA banned for 10 years along with monetary fines for non compliance.

    Registered Boarder

    They should’ve put those people behind bars, else these type of people will never learn anything. Others will also be scared to do something similar.

    Auditors should be very strict and never compromise but here they not only compromised but were also stupid to take shares in the company. Subscribing to warrants, how stupid were they? And how stupid was SKR to give them shares and think he could get away with it? Unethical people should always be punished.

    Registered Boarder

    What the hell is going on at the company? All 3 independent board members have resigned and 2 new members have been appointed.

    Were the independent directors reluctant to sign the financials or is the company trying to get rid of the people who were there when the PW fraud happened? Why Dr Radhakishore resigned? He joined after the SCN2 came so was not associated when PW fraud happened.

    All the 3 resignation letters are generic without proper reasons and have mentioned (copy pasted) the same.

    They are creating more confusion instead of providing clarity. Seriously don’t know when this drama/nightmare will end.

    Registered Boarder

    It feels like we are entering another darkest hour. End seems near yet far with all the twists and turns and the fact that we are left in complete darkness. Hoping for some positive news in the SAT outcome this week. But to be honest, I won’t be surprised if that is “postponed” again. Judge came on-board recently, and like someone said in TG channel, they have longer overdue cases than BCG. But still I have my fingers crossed.

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