[Logan]

We all know that Axis Bank ots will be paid eventually but the problem is we don’t know when. Our anxiety levels are more now because the case is in NCLT. The name itself scares us because of obvious reasons. (We didn’t have this problem with Canara and SBI).

My opinion is that the CEO should’ve known better on how to address this issue. He also knows how cases in NCLT are seen in the market.

[tanv151]

@kmr003 you raise some good points and trust me in each of those topics you have listed SKR was well aware of what’s happening. He is too smart not to know the required details. All the events are designed to be delayed for reasons that are beneficial for promoters and close associates.

What if the whole LOC thing is just a trick? Do we have anything to prove except for the announcements he has made through the exchanges? He can always say things didn’t work so we are looking at another option, which needs sometime (according to his standards at least two years).

Let me try to support my above statement with some examples

11th Nov, 2017 – As part of a media release doc, he announced BCG met with the state IT minister and confirmed their participation in the Blockchain initiative. Below is the link. But we never received any updates

https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/11/1eb47e6f-ff62-491c-bdff-3bb65eeb654f.pdf

10th Apr, 2018 – An announcement was made through the exchanges about engaging E&Y as the internal auditor, as a step to onboard them as the statutary auditors at a consolidated level. This made perfect sense as they were/are auditing sizeable portion of the group already. This process went on for months and on one of the calls he asked why so much delay, so our man responded “nothing wrong with E&Y, the delay is due to our business or how we operate”. But never received any updates again, and this was never talked about. Let alone informing the investor community about the reason why this was never finished. Below is the link:

https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/11/1eb47e6f-ff62-491c-bdff-3bb65eeb654f.pdf

31st July, 2018 – BoD meeting was held and the board approved raising 60 crore rupees by doing rights issue. Did anyone hear anything about this or the reason for not doing it? NO. Below is link:

https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/11/1eb47e6f-ff62-491c-bdff-3bb65eeb654f.pdf

Here is an extract from the edited transcript of the March quarter-

“Then coming to Lycos and Daum settlement. We were — in January, we had a settlement agreement ready to sign. We were to pay the first payment in January. And there was a challenge in terms of giving — handing off a cashier check and taking a signed agreement. And that’s where it stopped. Unfortunately, due to all the things, we couldn’t go to Korea, they couldn’t come to India, all these things kind of in a standstill state. And so that is where it is.” And all of a sudden on the June quarter call we hear that he has put this on hold.

[JRS]

Peshwa Acharya official appointment order as Independent Director is announced today.

“Did Peshwa Acharya waited for NCLT issue with Axis bank to be settled?”

If so then the news would be positive I believe.

This is just my belief!!!..nothing else

[tanv151]

@JRS Peshwa Acharya’s appointment date is effective Sept 15th. So I doubt it has anything to do with NCLT Hearing on Axis.

[Logan]

@dileepvn, in 2017, BCG wanted to take debt of $150M from White Oak and WO wanted a thorough audit of BCG’s subsidiaries so BCG appointed EY to audit BCG’s Israeli subsidiary, OMS (maybe other subsidiaries too but OMS is sure). The deal with WO didn’t happen because DAUM subpoenaed WO to reveal complete details of the deal and BCG gave up on that because if that deal had happened then WO would’ve had to fight DAUM in courts. Any investor will back away from a court case as their name will be dragged in unnecessarily.

I think that was a temporary audit and later BCG appointed EY as auditors for OMS (full time).

[profile inactive, exited bcg]

Thank you very much for clarifying Logan!

[profile inactive, exited bcg]

Sure, thank you!

[tanv151]

In continuation to my previous post #8492 (page 93 of this thread) I wanted to get some guidance from the knowledgable investors here about the options available to us (if any), which will help us protect our interest (hard earned money).

By no means I am trying to create panic situation here, I would be a fool to do it as I am still invested in BCG. I have mentioned in my earlier posts that I am confident of BCG’s value as firm and SKR’s way to treating us is my one and only concern. The way he is operating makes me feel he is even ignoring the existence of shareholders or operating like owner of a privately owned business where no one can question him or he is not answerable to anyone.

I wish to see SKR stick to his commitments, be transparent and proactively communicate with the investor community. I remember on one of the Conf calls he made a commitment of publishing the dividend policy within 7 days, and HE DID IT.

Unfortunately, there are not many instances like that for me to quote.
We have seen more misses than hits when it comes to SKR sticking to his words.
So, I am trying to see what options we have which enable us to work with the management, especially SKR to ensure issues get fixed in a timely manner and shareholder’s interest is given adequate priority.

1 – Continue to remain patience and hope SKR will mend his ways? For how long?
2 – Complain to the regulatory bodies? If my memory serves me right, one of the investors claimed he raised a complaint long ago but we haven’t seen any action/impact
3 – Meet SKR as a group (in person) to raise issues and verify details that he has been open to disclose if we meet in person? This option was discussed early this year but people who were inclined towards this step were requested to give SKR some more time to fix things. Is it a good step to take now?

[lycos.rags.to.riches]

Today another block volume in BSE of 51 lakh shares, hope someone is acquiring free floating shares instead of transferring from one entity to another

[sateanna]

@tanv151 Meeting SKR in person is a good option because it builds more pressure on him to deliver. I am based in Hyderabad and willing to join anytime. However due to the pandemic looks like this wont be feasible at least in the near term. We can still try fix a date if SKR if OK with it.

[tanv151]

@sateanna I thought so too.. I don’t live in Hyderabad but I am more than happy to travel if that will help the cause. I am with you on the feasibility due to pandemic, however, I hear some businesses are opening up. Since you live there can we check (if not too much of a trouble) if BCG’s workforce and SKR have started coming to office? So we can fix a date.

Anyone else who thinks this is a good option and wants to join?

[sateanna]

I can say that Hyderabad has no quarantine restriction for people coming in and going out from other states, Will write to their investor relations and check out the feasibility. Hopefully will get some reply.

[tanv151]

Thank you @sateanna!

[odysee]

Sateanna, I wonder if Mr Reddy would be willing to have a meeting over Zoom with a restricted number of investors or even one key member of this forum.

[sateanna]

@tanv151 I have written to their IR and asked them for an appointment 17/18th October (saturday/Sunday) which will be comfortable for everyone. Lets see whether any reply comes back.

[vsk]

I agree and I am also in Hyderabad so I also want to meet in person.
Is it possible we schedule a meeting?

Can we create a new thread on this forum for meeting our SKR in Person and see the audited files by E&Y etc., and clear the doubts?

[JRS]

Any update on Case in NCLT?

[Rathi_b]

What can be said, please read the pdf.

Attachments:

1. Doc046577_008-1.pdf

[JRS]

Sick!!!

[lycos.rags.to.riches]

I wouldnt say it is sick, it is bound to be postponed many times as it is a court case. Matter can only be solved out of court.

[Author]

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