General Discussion

Viewing 20 posts - 5,441 through 5,460 (of 5,519 total)
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  • #27892
    Saach
    Registered Boarder

    Hi Dear @Logan, with due respect for your efforts and concerns for retail shareholders and salute for your precious research points carry a lot of weight. I absolutely agree with your conclusion. For your kind information and as confirmed earlier that our thinking on the same lines. Warmest regards

    #27894
    radhutheoptimist
    Registered Boarder

    Why so much reluctance to join Brightcom Group Shareholders Association, BGSHA. We established contact with Mr.Shankar Sharma and today he is one of the members. Right now we have around 970 members with a collective share holdings exceeding 120 millions… Almost moving towards 7% of the equity. We engage with management on daily basis. Started contacting some HNI and were successful with some.

    Time to come out of the shell and join BGSHA family. We need people like you to guide us.

    Please check http://www.bgsha.in

    That is the starting point to become a member.And it is free.

    I can be reached in telegram ‘RadhuTheOptimist’ or secretary.bgsha@bgsha.in

    #27895
    Logan
    Registered Boarder

    @radhutheoptimist, it’s good to know that Mr. Shankar Sharma is also a member of the association.

    If you don’t mind, can you please share some details about the association’s meet with the management? I know it’s sensitive but lakhs of shareholders are very curious to know the developments happening in the company. Our anxiety and stress levels have reached the maximum and your updates will help us cool a bit.

    Thanks in advance.

    #27903
    Saach
    Registered Boarder

    @radhutheoptimist, I appreciate it all your efforts and messages in this group. simultaneously, a confirmation of joining by Shankar Sharma and having established contact with him from your end, is not a matter of excitement and/or reason for celebration by the retail shareholders. I agree with the message of @Logan and request you to please extend your support the members of this group, as well. Warmest regards.

    #27907
    Saach
    Registered Boarder

    @radhutheoptimist, an important point must be noted and as we are aware that all Warrants holders are having an Upper hand being they are enjoying all preferential benefits of the company, while retail investors will be considered in the last, balanced assets, if anything is left over! during the time of distributing the assets of the company, if the matter comes to that worst end. Hence, we have to support, think and co-operate with the existing retail shareholders and members of this forum since long time. Warmest regards.

    #27910
    radhutheoptimist
    Registered Boarder

    @saach ji can you please elaborate on your point. Let’s have a full understanding as you feel it is important for us to know. This is why I keep insisting to join the Association through http://www.bgsha.in

    Right now our focus is on
    – work with the management. Insist on getting quarterly reports and coming out of trade suspension. Ask for clarifications on set of some 15 questions as suggested by the members. Requested BENPOS, though we are not very sure if we would get it from them, but that is the process we need to follow first.

    – gather support of SS kind of investors and see if something can be worked out outside the current management. We established contact and someone is following it up.

    – Talk to SEBI and request for a speedier solution. Someone is working on it.

    – Look at the possibility of calling for Association initiated EGM

    – some member group is pursuing CAS option. Association is not in Favour of that option at this point of time. However, we will consider it in future if we are forced to

    – we hope we will get the papers from the Registrar of Society by this week. With that we will go for applying for PAN…and subsequently a Bank account. We are not collecting any money at this point of time. But we will be ready to facilitate any need in future.

    – currently around 1900 people have sent their member consent form and our collective shareholding is moving towards 9% of equity. Most of the members have quoted their holding (it is an optional field). We have their name, email, qty, phone. In case of need we can contact them immediately. Meanwhile some Youtubers are showing keen interest and spreading the news about Brightcom Share Holders Association, BGSHA.

    This is a collective effort. All likeminded, learned and well-focused people are working on this. We seek support from this group too.

    Please support and spread http://www.bgsha.in

    you can contact me through @RadhuTheOptimist in telegram. I will respond.

    #27913
    Logan
    Registered Boarder

    @saach, the scenario which you have mentioned doesn’t apply here. In case of liquidation, the first priority (seniority) will be given to debt holders, the second to preferred stock holders and the last to equity holders.

    BCG doesn’t have any investors who hold preferred stock. The stocks issued were on a preferential basis but those stocks weren’t preferred stocks. And BCG doesn’t have any debt so there will be no priority given to anyone and in case of liquidation (in theory) the assets will be distributed to equity holders.

    Hope this clarifies your doubt.

    #27914
    Saach
    Registered Boarder

    @Logan, thanks for clarification, if it is so then why they called preferential warrants? It is a big relief to me personally, appreciate your quick response and clarification, obliged. Warmest regards.

    #27916
    Logan
    Registered Boarder

    @saach, stocks or warrants can be allotted on a preferential basis to raise funds instead of issuing those to all the shareholders which is time consuming and expensive.

    Please refer below link for details.

    What is Preferential Allotment

    In case of BCG, both shares and warrants were issued to people on a preferential basis in 2019-20 (shares), 2020-21 (warrants) and 2021-22 (and shares). Those shares or warrants weren’t preferred stocks or converted to preferred stocks but were issued on a preferential basis (they had a preferred buyer).

    #27917
    Saach
    Registered Boarder

    @Logan, thank you so much for your explanation and link provided. Warmest regards.

    #27919
    Logan
    Registered Boarder

    Board meeting on Friday to appoint executive and independent directors (one each). Going by the recent trends, maybe one or two directors will resign.

    Why aren’t they trying to appoint an interim CEO or CFO at least? It’s no secret that SKR and Raju are trying to come back but why not appoint someone on an interim basis at least? It’s close to 1 year since they both left and there’s zero progression.

    #27925
    Logan
    Registered Boarder

    Kallol lost all his credibility when he didn’t share the results in March. He fooled us then and he fooled us again (before suspension of trading) and he will continue to fool us if there is no supervision from SEBI.

    SKR’s arrogance is the root cause for our sufferings. No one should be this evil and prey on people’s lives. He single-handedly destroyed the dreams and hard earned money of lakhs of shareholders and now he’s not letting others do good also. Our curses and Karma should not leave him.

    #27978
    Abhishek
    Registered Boarder

    @Radhu and BGSHA president, it’s been a while we got any update on Association approach to brightcom management and updates from any such meetings or discussions happened between BGSHA and BCG management. Appreciate your efforts to form association and fighting for retail investors. Request you to please share the updates and next steps.

    #28319
    Akhil
    Registered Boarder

    Seeing the number of sell orders, one gets the impression that the management is keen on pushing the price to 2 or 3/-.
    If ever there was even a little bit of truth in SKR’s fear of a takeover bid, then now is the best time for a takeover. Obviously SKR has played all of us and looted the wealth of retail investors. How Shankar Sharma fell for the con and invested 50 crores, beats me. The fact that he’s keeping quiet now, means that he too was somehow involved!
    There seems to be no way to get information about the company as the telegram channel has closed and Raghu optimist doesn’t seem to want to share anything here. If anyone else here has any news, kindly share here.

    #28335
    Logan
    Registered Boarder

    They’ll send a notification on the 31st evening/night and tell us that the auditor is getting upto speed and that the audit is not complete and they’ll share the results ASAP.

    And, they’ll also mention that they are sad to see the plight of shareholders and that they’ll follow the highest standards of corporate governance, they’ll be very honest, transparent and use fancy words to describe themselves. There’ll be zero progress and again give some random date and they’ll miss that also and the cycle will repeat

    They don’t have any humanity left.

    #28337
    radhutheoptimist
    Registered Boarder

    @Akhil ji is it fair on your part to expect me to report here… but you don’t want to join through http://www.bgsha.in to support us?

    Anyway I don’t have any good news to share here. We are losing hopes as we get closer to July 31, 2024. Chances of BCG publishing audited consolidated quarterly reports seem remote. If it happens I would consider it as miracle.

    BGSHA, though not involved but actively supporting the group which is pursuing Class Action Suit. Some 300 members have given all the details and they have finalised the lawyer to draft the case. Most probably it will happen by first week of August.

    We at BGSHA, started knocking every door we see. We are not getting required help from SS as of now. We wrote to Ms. Sucheta Dalal for support. Sending twitter posts on daily basis. Though we have around 4000 members now with collective shareholding almost closer to 13% equity, we are unable to make BCG as viral topic as everyone is busy but expect someone has to do something. The next step what we are planning is go on protest in front of either SEBI Mumbai office or BCG Hyderabad office. But I am feeling little skeptical as of now for getting support for such things. People may get that anger ‘within’ if they don’t see any positive development by July 31, 2024.

    Bottomline…. Diplomacy is failing, some other drastic action need to set in. Are you game for it? Check http://www.bgsha.in

    #28345
    Logan
    Registered Boarder

    Board meeting on 31st to appoint independent directors and company secretary but no news on results.

    Looks like 2 directors might resign (I’m guessing one independent and one executive or two independent). I’ll not be surprised if Mr.Kallol resigns, anything is possible looking at how things are going on in the company. Maybe Mr.Raghu was appointed so that Kallol could leave/resign. Maybe he doesn’t want to be in SKR’s control losing respect (I’m guessing this because Kallol used to sign these notification letters but today Mr.Raghu has signed).

    Why can’t they appoint CEO and CFO? What’s the use in appointing independent directors and them resigning in 2-3 months?

    #28351
    Akhil
    Registered Boarder

    @radhutheoptimist ji, many thanks for your reply.
    I admire the fantastic work you’ve been doing. Re joining the BGSHA, I’ve not joined due to some compulsions. The shares are in my Chacha’s name (I had encouraged him to buy) and now he himself doesn’t want to be involved in any way.
    But, once again I wish to thank you for the stellar work.
    Best wishes for the fight ahead.

    #28376
    radhutheoptimist
    Registered Boarder

    At BGSHA, We keep trying out all options such as sending mails to SEBI, finance ministry, engaging management, creating twitter waves, preparing for protests and supporting the group pursuing legal options. Some are yielding results. Atleast management has sent notifications on Q2 & Q3 results, appointment of independent directors. We are hopeful about CS appointment too. May be AGM notification and subsequent CFO appointment are close by. Ofcourse given to the track record of BCG nothing is guaranteed unless actual results are published. But this time there are indications that it may get published. Atleast that is how we felt through our interactions.

    Our twitter posts are being noticed as we tag it to many people. You can help by reposting it. we go by BGSHANEWS. Please follow and repost.

    https://x.com/bgshanews/status/1819620259831161166

    You can also join bgsha through http://WWW.BGSHA.in

    Let’s hope for better days ahead.

     

    #28407
    Logan
    Registered Boarder

    It’s either they want to show complete dependency on SKR (and Raju) and are making the case for reinstating them or since SKR was handling almost everything (like a private company and all others were his rubber stamp), no one in the company knows anything or maybe like I previously said, some things might be fraud and the revenues and profits are not as reported previously and they don’t want to admit that.

    Like I say, SKR & co are selfish to the core and they don’t have humanity and sympathy towards lakhs of shareholders. They’d rather see lakhs suffer instead of doing the right thing. I didn’t lose all my hope and that was only because of OMS but it’s getting clear that SKR and co will not let good things happen to us (unless he’s in charge). He’s holding us hostage until he gets what he wants.

    I’m guessing that SKR is negotiating with SEBI to change the order and that is why they’re asking for adjournments all the time.

    “We have been informed that the appellants filed an application
    for settlement which is pending consideration. In view of the
    aforesaid, we are not inclined to consider the stay application at this
    state. Exemption application is allowed.”

    The above was in December and there’s no progress on that. I’m not sure why SEBI is not giving a definite answer and reject the settlement. There’s zero chance that Sebi would accept what SKR is proposing but it did change the order against previous CFO, Raju.

    I haven’t seen a drastic drop in Brightcom’s publisher count mentioned in Adauth or Builtwith or Web Tech Survey. Not that relying on these guarantees that the revenues are legit but these show some trends at least. Mediamath, which filed for bankruptcy last year saw drastic drop in publisher count for many years but I haven’t seen that happening in Brightcom. I could see that the publisher count reducing in companies like PubMatic, Magnite (Rubicon), Perion (Vidazoo) but not Brightcom. BCG also has brands like Audienciad (maybe subsidary dream ad’s brand), Get Media MX, Onomagic, Boldwin etc. OMS and the Israeli leadership is the only reason I hadn’t lost all hope but now seeing the actions of board (SKR), I’m losing hope.

    (These are my guesses and opinions and please don’t take my opinions for buy/sell decisions and if you have any doubts please contact SEBI as contacting the management is of no use)

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