- This topic has 55 replies, 10 voices, and was last updated 2 years, 4 months ago by kpal.
February 6, 2020 at 9:15 am #4212XO09Blocked User
@tanv151, please do join me and others as this was planned long back and i had interacted him in past to arrange for a meeting post q3 results. mostly if the intent is there to fulfill promises and not just paper updates shared earler. I need on ground material and price oriented updates should convince market the larger audience not the few bcg operators and insiders who keep on trading millions of shares every now and then.0February 6, 2020 at 9:24 am #4207kpal
How I look at it ? Whatever said in the con call does not matter, What matters is the disclosure which co relates with what he said during the con call & That matches to the tee. Audit is for 1 St April 2019, Ending 31.03.2020, So the outcome one ought to wait for mid May 2020 plus minus 10-15 days. I am 100% sure Promoter will do it. It has een oserved that Promoter always uys low & Sells high, Nothing new in it & Time on their side, They are doing that, A few more days they can do that, That is why I was maintaining the price will e dragged to 52 week low as it suits them. Understand the ploy. Stay put. Cheers !!!0February 6, 2020 at 9:35 am #4216108BULLGURUSpectatorTopic Author
@TANV151,@XO09 AND all long suffering shareholders,
Get your complaint ready with documents in full detail in ard copy and in your computer.
If we are not happy with the outcome of coming Q3 numbers and the con call on various parameters and the insider trading and hammering of stock does not stop
you can post it under express courrier to the address of the top authority that is already handling th complaint…. that i will put here.Let us flood the office to expedite.t
Also lodge a complaint with PMO INDIA.ALL OF YOU INDIVIDUALLY.
Also lodge a complaint with any other authority or person you consider apppropriate
Also take any other action that you think is necessary like talking to media ,press national and local highlighting what the issues are.
5. I have voted against the PO by the way. U do what U think is right. U now know my views.0February 11, 2020 at 8:53 am #4670Logicalspeak
In all the preveous consolidated results for six or more years, the same were published without any auditing of the foreign subsidiaries,constituting around 90% of revenue and 100% net profit reported. But the statutory auditor and management used to state and submit the same to the exchanges and to the investors via exchanges ,mentioning that they had submitted audited financial result for all those previous March ending financial results. This in itself is utter falsehood (may I say , fraud) and noncompliance of listing agreement and reason suffitiant to Delist this company from exchanges. Thus they were running like their private company/empire all these years. Whether finantial siphoning has happend, any body can reasonably doubt from the unaudited balance sheet for so many successive years..
How everybody including exchanges overlooked this , is the biggest surprise. The investors were made to believe that the same were due to international litigation . Investors must have overlooked in the fear of further crash of share price from the already reached abysmal low. But how exchanges overlooked this very inported aspect of non complaiace of a publcally listed company, is the biggest enigma and probably indicate the ineffient regulatory mechanism. Definitely management ran the company like their private company/empire so far and it appears they are getting heat from different places now as and when the same get exposed. Therefore it will be better for the company to set right the things by May 2020, otherwise investors will be compelled to take to the appropriate outhorities if delayed beyond that as there is no point in waiting further. Definitely the roll of the present auditor’s involvement also will have to be informed/complained to the appropriate authorities governing them in INDIA.0February 11, 2020 at 9:23 am #4678108BULLGURUSpectatorTopic Author
I did not know that.
I am just at a loss for words
No wonder no interest in the stock even after all these announcements.
Looks like market will wait for the final report from the auditors0February 11, 2020 at 9:29 am #4679Odysee
Logicalspeak at #4670. You are likely misinformed or unaware of requirements relating to publication of Audited results of Standalone and Consolidated. The Standalone books and accounts are audited and reported on by the Statutorily appointed auditors. The Consolidated results are commented upon by the local auditors, based on certification by management. The subsidiaries would have been audited in their respective jurisdictions but there was no requirement for Audit reports to be published for each company in India. Hence, no ‘fraud’ as you claim.0February 11, 2020 at 12:48 pm #4688Logicalspeak
I am not for argument with anybody. If anybody call they are submitting audited financial report to the exchanges, the audit report should follow with it. IF all and sundry are audited by single auditor that auditor’s audit report should follow withit. If audited by different auditors, all those audit reports should follow with that. Other wise the company statutory auditor should state that, they are relying on different auditor reports of that respective contries of subsidiaries for consolidating. Here that is not the case, they have invariably stated in all preveous years that they have not audited but only relied the figures of revenue and profit of those susidaries as provided by the management while publishing their so called audited financial results of many preveous March ending financial results.
Therefore let readers use their common sense and see through it.0February 11, 2020 at 12:49 pm #4689Logicalspeak
I am not claiming any ‘fraud’, but only fearing whether there is any ‘fraud’, which can be seen if any one carefully read my messages and apply their commonsense.0February 11, 2020 at 1:01 pm #4695kpal
Unfortunately few have common sense, Its very uncommon. The Auditor is eing appointed to do the needful, This time audit report will e out for all to see in lack & White. All the numers to my knowledge will e correct & True to the diselief of all concerned. Wait for it. Cheers !!!0February 11, 2020 at 1:15 pm #4700Diana HortonRegistered Boarder
@ LS… Can understand your concerns.Two points to be considered.
1. A mammoth litigation was ongoing and the company had to safeguard itselves and by the looks has successfully done it, by the looks
2. After, this stage, the company, is coming back and taking back all necessary stuff, to safeguard the interest of both the markets, retailers and the company perse.
3. Let’s give the company some credit and in order to disprove and mitigate, the fears and suspicions, created by certain market forces, evasive action is being taken.
The fall of mighty Rome for its Renaissance to happen, will take its time…All your questions, certainly will be answered, by ,positive series of announcements with validation(outcome of global audited figures under one entity).0February 11, 2020 at 1:26 pm #4702Logicalspeak
Facts are facts. I don’t want to join issues with insiders and/or operators or their agents (not aiming anybody but generally skeaking). It will be better to realise that three quarters and concalls are not equal to 7×4=28 quarters of pain full Waite. Readers will see through.0February 11, 2020 at 1:35 pm #4704kpal
Do not overlook this fact also that a disclosure has come in wherein it states a new auditor will e appointed today, I can understand your impatience ut make a note all good things happen to people who let it happen. Wait for it to happen. Also rein in your thoughts y accusing someone eing an operator/agent. It is not so, Not it matters to me. Just an oservation. Smile & Cheers !!!0February 11, 2020 at 2:12 pm #4711adminKeymaster
Hi Logicalspeak – Your comments “Facts are facts. I don’t want to join issues with insiders and/or operators or their agents (not aiming anybody but generally skeaking).” does not augur well to keep the harmony. Please refrain from accusing someone directly or indirectly.0February 11, 2020 at 3:55 pm #4722Logicalspeak
Hi, Admn,I was generally opining. Any way noted ur concern.0February 13, 2020 at 9:52 pm #4914Logicalspeak
The 09-02-2020 update to the exchange by the company states among other thing ,that” This firm has been assisting the company in the continuing effort to restructure certain subsidiaries under one umbrella and to set up financing alternative for the same.”
The nearly two years old update by the company to the exchange, vide update dated 10-04-2018 , the company has stated ” Lycos (NSE&BSE: “Lycos” or the “Company”), global internet brand, today announced the appointment of Eanst&Young as its internal auditor. E&Y will help the company achieve trusted corporate governance and reporting.”
From the above two updates spanning nearly two years (one year and 10 months to be precise), normally any one wiĺl think or infer that E&Y must be the statutory auditor the companY is going to appoint who is in the continuing process as per the recent update 09-02-2020. If company appoint any other statutory auditor, then anybody can have doubt whether E&Y have backed out not satisfied with the company books of all these subsidiaries, for all these while for nearly 2 years. In such a senario , the new auditor will take another two confortable years and the finding whether good or bad will not be known till such time.
If the E&Y is not the auditor going to be appointed, then even the so called auditing stated as done or entrusted to the E&Y for the purpose of failed White Oak financing , which never published by the company, will also come under shadow of doubt. Similarly the internal audit if any done by E&Y as per the update dated 10-04-2018 will also be under cloud, as any body can reasonably doubt whether E&Y backed out due to irregularities. Please note that so far nothing from E&Y audit has seen the light of the day either during white oak time or subsequent internal auditing ( for that matter, auditing either internal or statutory were never published with resspect to all the foriegn subsidiaries).
Hence, if the auditor, going to be appointed as statutory auditor, is E&Y, then we can reasonably think that they are satisfied with the undisclosed audit so far done by them and we can also think that they were already on the job for nearly 2 years, therefore things will fall in place by March 2020 result which will have to be published by middle of MAy 2020. Otherwise if any other auditor we have to approach the appropriate authorities/forum for the remedy with vigour.0February 13, 2020 at 11:29 pm #4940kpal
valid point, If you have to dissect the statement ( The firm has een assisting the company in the continuing efforts to restructure certain susidiaries under one umrella, Indicates 2018 appointed auditor assisting, Then who could e apart from Ernst & Young, U.S.A. No one else. As it is appointment is ased for 1 year renewal or 5 yrs straight down the line from date of appointment in this case date as stated 10-04-2018.0
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