[Logan]

Thanks @sknatani and @Akhil.

The root cause for all the problems are the bad and stupid decisions taken by SKR. He’s not a good/real leader as any good leader would’ve made sure that the company would not be impacted if he/she were to leave. They would’ve made sure that the company had less dependency on them and never would’ve held shareholders hostage and blackmailed everyone saying that only if he/she comes back the company would survive.

What if SEBI didn’t remove him but he had to leave the company for other reasons? Like he had some health issues and couldn’t continue in his role, would he have done the same thing and held everyone hostage in that case too?

And see how dumb he is, he would’ve stayed in his role for at least few weeks/months if he had appealed at the SAT immediately after SEBI’s order came instead of doing it after months. I’m not saying he should’ve done it but many others who get such orders will mostly appeal immediately. SKR lives in his own fantasy world and thinks he can get away after committing such a big fraud.

I’m guessing that he will drag this like how he did with the Lycos case with Daum. He has no concerns about shareholders who have stood by him through thick and thin. Many have stayed with the company for more than 10 years. He’s selfish to the core and I don’t know how he gets sleep at night or how he can even eat food without feeling any guilt. Gods should punish him for cheating shareholders.

One year has passed since the order came and there’s zero progress. There’s no CEO, CFO or a CS and to distract us from all this they share updates like Trenova etc and use words like transparent, cleanliness, honest etc but take no actions.

[vidyashankar]

Nothing has changed, there’s no BCG without Suresh at the helm. SAT will accept his arguments on 1st October and thereafter everything will fall in place.

[Logan]

@vidyashankar, what if the SAT agrees with SEBI and bans SKR for say 3-5 years (or maybe more)? What plans does the company have in that case? What is the Plan B or C or D? Will the company go out of business?

The fraud which SKR has committed is not small and can’t be gotten away just by showing that there’s dependency on him. Can he show the money which the company didn’t receive for PWs?

The dependency shows one very important point which we have to consider, how can a person who has so much dependency on him commit such frauds knowing that if he gets caught the whole company will not survive? How can he be so reckless and put lakhs of shareholders in danger? I was one of the biggest supporters of SKR before but I can’t digest the fact that he’s blackmailing us and telling us that the company will survive only if he’s back. That’s not a trait of a good leader.

One realistic option which the company has is that it has to move on from SKR and considering the dependency on him and the interests of lakhs of shareholders, he can become a consultant now and depending on what judgement SAT/SEBI give, he can come back to the company later.

[vidyashankar]

@logan 1. There’s no way SAT is accepting SEBI arguments without evidences. 2. There is no PW fraud or cancellation happening. 3. SEBI is the biggest problem here as they don’t understand complex business models and transactions. 4. It you join BGSHA on TG I can explain further as to why SEBI has already lost this fake battle and ensured retailers are the only losers in this.

[Logan]

@vidyashankar, I have few questions on PW and other topics, please share your opinions on those. It’d be better for everyone if you can answer these here in this forum instead of on telegram or other channels because most of us are not there on other channels.

1. I’m guessing SKR might show that the company received money from some of the PW allottees through him and that he gave them shares (as per confirmatory order issued by SEBI) but that is not fair for shareholders and isn’t ethical also. He can’t just give away shares to whoever he wants and a proper process has to be followed and should be approved by the shareholders. He didn’t want to give cash to them because that would hurt cash flow, okay that’s fair but why not give them shares following proper procedure? That money would be considered as debt and should’ve been converted to equity.

2. Why did he give away shares to people from whom he had taken personal loans? He was a CEO and chairman but that didn’t give him the right to do whatever he wanted. Like mentioned above, this is not fair or ethical.

3. If the company did receive money then why did he do forgery and not tell the truth?

4. You’ve mentioned that there’s no BCG without SKR but what if he doesn’t get a favorable verdict from SAT? What’s the plan B? Will the company go out of business in that case? Why didn’t he appoint or nurture someone to be his successor in case of bad events?

[vidyashankar]

Logan Sir,

1. Existing legal and ethical process followed for PW allotment

2.No law that says he can’t give PWs/shares against loans taken

3. There’s no forgery done

4. Plan B is already operational

[Logan]

Thanks @vidyashankar sir for the updates.

I have few follow up questions on the above. Request you to please share your opinions on those and also, if you don’t mind, can you please share more details on your interactions with the board/management?

(I know it’s not fair that I’m not doing anything but just sitting at home and asking you questions on few topics where you and others have put so much effort and hard work but it’d be very helpful for many shareholders and we will forever be grateful to you if you can share your opinions on those topics)

If SKR did everything legally then why did he resign when the order came? He could’ve replied to SEBI and appealed at the SAT immediately, right?

What about shares to himself through LLPs? Did he pay money to the company to get those shares?

There’s no law saying that you shouldn’t give shares for debt but here we’re talking about personal debt and not the company debt. If it were the company’s debt then he can argue but here he gave shares for people from whom he had taken personal loan. Why wasn’t this informed to shareholders?

Regarding forgery, he and the CFO both showed documents which were forged. For example, Mr Shankar Sharma paid money in the later months but they showed that they received money from him in March.

Another question on a different topic, I can see on NSE that the company hasn’t even paid the listing fee, do you know anything about this?

Thanks in advance.

[vidyashankar]

Logan Sir,

1. He resigned purely to show respect to the law and order authorities instead of EGO

2. His own PWs are funded properly which AB couldn’t understand due to his inability to under complexities

3. His only blunder in the whole process was to provide a false copy of bank statement for which he has already filed his reply in SAT. SEBI was given 4 weeks time which ends tomorrow, so one must file Scores complaint to understand what are they still doing on a Confirmatory Order they had passed about 6 months ago.

4. Payment of Listing Fees is part of the requirements he will fulfill at time of applying for revocation

5. Please don’t ask for more information as everything else is classified and due to my personal efforts in the matter

6. You can choose to approach me in a different capacity to understand the case better if you feel the need.

7. I am neither defending him or opposing him, my views and actions are unbiased.

[Logan]

Thanks @vidyashankar sir for the updates. I understand that you can’t share more details considering the sensitive nature of the topic.

I’d like to thank you and the other members of the BGSHA for all your efforts and hard work. Please contribute more in this forum and share details which you think can be shared.

[vidyashankar]

Logan Sir,

Once we get the trading suspension revoked next steps I can plan to share. Till such time me and my team are burning midnight oil to bring the company back on track and proud to be doing it successfully with help from BGSHA.

[Logan]

Thanks @vidyashankar sir.

I don’t know whether SKR is right or wrong but looking at the developments happening, it looks like he made a big mess of the whole situation instead of doing it in a simple way and it’s the shareholders who are suffering because of his actions. See how much bad press the situation has created and everyone is making fun of the company everywhere.

He should’ve been straight forward and running a global company, he should know that honesty is the best policy, and following that is the best approach. (It was the best approach 1000 years back and it’ll be the best approach 1000 years from now also).

I feel that he’s someone who shoots himself in the foot and later goes to the doctor and says everything is fine but the doctor might say otherwise and the doctor might say they may have to remove his leg. My point is, why do something which looks messy initially from day one and then try to fix it after executing it? He need not have to execute that only. He could’ve taken tens/hundreds of crores salary and paid back all his debt. He could’ve subscribed to ESOP and gotten good shareholding also. 2% holding without trouble and anxiety is better than 20% holding with lots of trouble and having the feeling all the time that you might lose it anytime because of the shortcut route taken.

[vidyashankar]

Logan Sir,

If you continue to seek keeping your identity to self and not wanting to connect & keep sulking the way you want to then even the Almighty can’t help you come out the mess you are in. My way of looking at things is very simple – All old wrongs whatever they might have been can be corrected with time and intent. My only reason to reach out to you here was some vague comments coming on MC regarding your latest rants and truants. So I thought I should try and mend the mind which has kind of gone on the bend. I don’t think I can undo the mental damage that you have chosen to cause for your own situation.

[Logan]

@vidyashankar sir, maybe my mind needs mending but who will mend SKR’s mind/brain which is what’s needed the most, he’s the person who was supposed to look after the interests of shareholders but seems like he’s looking only after his interests and he’s least bothered about shareholders, who will fix that?

Everyone knows that two wrongs don’t make a right but SKR is trying to do that now and and he does that all the time. He’s the type of person who sees a big hole when it’s dark (night) but goes and falls in it when there’s light (day time).

You’re saying that all old wrongs can be corrected but my point is why do that wrong thing in the first place? If it were the first time then I’d have understood but we have seen many such examples of him doing something wrong and try to correct it later. He has the experience with the LGS debt, Lycos case with Daum, etc but still he hasn’t learned anything from the past. Lycos case went on for more than 6 years and if we leave it to him, he’ll drag this also for years and the company will be like a headless chicken running all over the place with no direction.

If he really didn’t do anything wrong then he wouldn’t have resigned and would’ve appealed at the SAT immediately. Why did he take 3-4 months to appeal? If he appealed immediately then he would’ve continued for few months and could’ve reduced the dependency on him and the revenues and profits wouldn’t have declined so much.

His friends sold (dumped) all their shares at higher prices as soon as their lock in ended and lakhs of shareholders who bought those shares trusting him are suffering now and seems he’s least bothered about the plight of those shareholders.

They couldn’t even declare results on time, still there’s no update on shareholding pattern and many things are pending and we’re not seeing any intent from them on resolving the pending issues sooner.

Maybe I’m emotional and maybe this is also a rant but whatever I’m saying is not false. Anyways, everyone has their own opinions and you can ignore my opinions/rants if you think those don’t make sense. I only want what all the shareholders want – BCG coming out of the current situation and having good future. I know you’re putting efforts to get the company out of the current situation and you’ll always have my respect and appreciation for that. Thank you.

[vidyashankar]

Logan Sir, your sulking does not bother anyone but impacts your own life. You have limited choices and I leave it to you. Again to reiterate what you are terming as a serious wrong I am looking at it to be just a judgemental error which can be corrected and nothing wrong in having comitted it also in first place.

[explorer]

Investors need to be wary of Telegram and other social media groups. The groups related to BCG seem to operate with specific intentions. During the previous pump, Telegram was used to manage retail investors. They posted favorable stories about BCG and the industry, ensuring that retail investors held on to their stocks while insiders dumped their shares to them. Even an admin in a Telegram group, who once held more than 1% of the shares, exited at the peak. A similar approach seems to be in play again.

How do these Telegram groups operate?

1. They downplay all the major issues of the company.
2. They discuss among themselves how the share prices will rise once these issues are resolved. Even those who appear to criticize the company are often their own people; their criticisms are usually very mild.
3. If someone criticizes them or SKR, they are banned immediately and quietly.
4. Their intention is to prevent investors from revolting against the company or SKR. They aim to pump up the share price so insiders can exit.

What do they gain from this?

1. Some gain monetary benefits. For example, one of the previous admins mentioned earlier sold shares at the right time during the last surge.
2. Some hope to see the share price rise to cover up their mistakes.
3. Some are paid to manage retail investors.
4. One of them is SKR himself. 😛

Just look at the scale of fraud SKR has committed. I don’t understand how people can still support him. If there is one place he belongs, it is jail. He has committed fraud worth thousands of crores, submitted forged documents to SEBI, failed to provide audited results, had multiple auditors resign, and lacks the funds to renew NSE listings. Now, the admins of the Telegram group claim that BCG can survive only if SKR returns. There is no shortage of talent in India. We just need to remove SKR and bring in the right people, not his cronies. This can only happen if investors unite, call for an AGM, and remove the current management. SKR anticipated this and has managed to keep rebel investors under control by forming an association that is, of course, controlled by his own stooges.

As much as I want my money back, I want to see the law take care of these corrupt people.

[vidyashankar]

Explorer Sir, you will get your chance to ask the questions in the forthcoming AGM. Do keep yourself available alongwith all your team of naysayers for witnessing the biggest blockbuster event of this Amritlal. As we speak many things are falling into place and great bright times can be seen ahead soon.

[admin]

@vidyashankar – The reason for your optimism could be due to your ongoing interactions with the management and being privy to things which are not in public domain. As a leader of BGSHA, you should respect the sentiments of all the investors. Calling boarders naysayers is not appropriate especially after going through this long ordeal. The fact of the matter is that general perception of retails investors is still on the side of skepticism. Serious offences were allegedly committed by the management as per SEBI. A lot is pending from BCG management so as to regain the investors confidence – publishing results, SHP, appointing KMPs, conducting concalls, AGMs, cooperating with lawful enforcement agencies, abiding listing formalities and so forth. Saying all this, I would wish good luck for the efforts your team is doing. However coining phrases like blockbuster of amritkal at this point only leads to suspicion/unnecessary speculation. Rather your focus should be to persuade management to bring outcomes which are more investor centric.

[vidyashankar]

Okay admin Sir, whatever little also I am able to convey I can cease to do that also. Whenever things come in public domain hope the people against me now still own the stock in good measure.

[Logan]

It’s sad to see that one person’s (SKR) ego, selfishness and recklessness is creating division and enmity among shareholders. It’s good to have debate and different views and opinions but division and enmity among shareholders is never good.

More than 95% of my time as a shareholder of BCG has been spent without calm or peace and the past one year has been a nightmare and it’s all because of one man. I don’t know when this nightmare will end and when shareholders will see good days. I hope it comes sooner but that man (SKR) will not let it happen if he’s not in control and he’d be okay to see lakhs of shareholders suffer than do the right thing.

[vidyashankar]

The hand that rocks the cradle rules the world. Ego is just a figment of someone’s imagination leading to the unfortunate great divide here!

[Author]

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