[sandyc316]

point is why he has posted the matter now on Exchanges , could have intimated long ago when sebi letter appeared

This has been troubling me as well. However, if you go through the clarifications posted by SEBI regarding reporting to exchanges about forensic audit, it says that reporting is not mandatory if the consequences are deemed to be “immaterial” (or something to that effect). Did the management believe that the impairment being non-cash item fell in that category and hence wanted a clarification from SEBI before reporting it to exchanges?
As for why, in that case, it took 5.5 months.. I’m not sure.
However, one thing is for sure… all of us long term investors would have one time or another had this thought – why the heck is SEBI not asking for a forensic audit so that we can shut the naysayers for once and all. I think many of us would be pleased that this is finally happening so that we can just get it off our back and move on!

[sandyc316]

Brightcom sees a huge opportunity to replicate the B-Local model in India.
https://www.thehindubusinessline.com/news/variety/tapping-the-potential-of-local-newspapers-to-promote-ads/article34815501.ece
“For this year, we will be focusing on the US market. We will tap the opportunity in India next year,” he said.

[sandyc316]

@kris Who are you talking about? Is this someone from MC forum?

Anyway, a 10 days old article in Hans India by Suresh Reddy if anyone is interested to read:https://www.thehansindia.com/business/robot-dexterity-will-be-a-game-changer-for-the-world-686386

[sandyc316]

At last! we’ve the approval for the warrants!

Now hopefully the slow and seductive dance of the share price increase will begin. I expect it to be slow initially with sudden spurts in between. Let’s see.

[sandyc316]

@hw_tw Don’t think the company is required to inform exchanges about all such things that happen at a subsidiary level but the thing is that is what separates companies with good corporate governance from the bad ones. It is unfortunate that SKR would choose to do the bare minimum when full disclosure and complete clarity is the need of the hour.

[sandyc316]

@jay69 Think these are the steps (not sure and I could be wrong)
1) Board approves the proposal to allot warrants and passes a resolution in AGM
2) Exchanges approve the resolution
3) Once resolution is approved, the allottees need to transfer 25% of the money to the company so that the warrants can now be allotted to them. At which point the company notifies through exchanges. (Think this is where Morepen Labs is)
4) The allottees pay the remaining 75% and exercise their right to convert the warrants into shares at which point the company again notifies the exchanges

@drjaysee Is it possible that the last allottee i.e. Liquid Holdings Private Limited are not interested anymore in the warrants? Is it ok for an entity to not exactly go through with it as there’s no binding term? Or it could very well be that they may transfer the 25% in a few days time at which point Morepen Labs may notify the exchanges again.

[sandyc316]

@drjaysee What you have attached here is the duplicate share certificate notification for Morepen Labs. As per the notification, Morepen Labs has indeed approved the allotment of warrants upon receipt of 25% of issue price from the entities.

Please refer this

Also, interestingly, almost all of the companies notified the exchanges only once the warrants were allotted and not when they received a formal approval for the same from the exchanges. So we should expect the same i.e. a notification once the allotment has been done.

[sandyc316]

This is indeed great news! It could also mean that the PW is either already approved or in final stages of approval or else SRK would not talk about raising 200cr via warrants if there’s any possibility of it getting rejected. Just my thoughts.

[sandyc316]

@drjaysee Incidentally, Morepen Labs went up 20% today! Any idea if their warrants issue was approved over the weekend?

[sandyc316]

The only thing that worries me now is that the judges don’t slap a fine on BCG for wasting the their time and a 20cr debt payment becomes 40cr in the process. SKR’s desire to be cute every time has never worked out for the company and god knows when will he realize that.

Unfortunately, we all know at heart that even if the Axis case gets resolved on 15th, the management will not let the price increase before the warrants approval. At least, I got dividends in all my accounts after sending email and registering a complaint in SCORES. Something to cheer about? Such a sorry state of affairs!

[sandyc316]

@drjaysee I’ve also sent an email today to IR for the non-receipt of dividends in my other accounts.

Has anyone received any dividends today? Could be that they have paused the disbursal because of a glitch or something.

[sandyc316]

@drpram I’m yet to receive dividends in my HDFC Sec and Axis Direct accounts, whereas I’ve received it in my Zerodha account today. Let’s wait till Tuesday.

[sandyc316]

@explorer Maybe that’s one way to look at it.. but maybe not everyone will agree to it. For me, personally, I would like @drjaysee or rathi_b to post those messages and then make my decision based on that. Whether I choose to ignore that info all together or not, that’s up to me.
As for this forum turning into a ‘platform of manipulators’, I think your concerns are unfounded. Each post here is moderated by the admin (and maybe some moderators in future) and each user is validated. However, in spite of that, it won’t be possible to convince everyone that this is a genuine forum with genuine users. (As an example.. a few folks in the MC forum think that this is run by the company.) I think we should be ok to live with that.

[sandyc316]

Not sure, but is it possible that all resolutions passed in the AGM are approved together by exchanges and since it’s taking time for an approval for the warrants, the approval for dividend is also stuck?
Haven’t had such experience with non-payment of dividends with any other company so my mind is trying to conjure some explanation I guess!

[sandyc316]

I called them again just now and was told that they have not received any information from the company!!! When I reminded them that I was told that the dividend will be credited in a day or two, they said “yes sir, our mistake.. but they have not informed us about this”
Oh this has gone beyond depressing now!

Anybody else got any response for their emails?

[sandyc316]

Logan, this was the exact sentence – “in process hai sir… ek ya do din me credit ho jayega” But I would suggest to apply an IST transformation to it… i.e. as Indians when we say we’ll be there in 5 mins, we really mean 30 mins…

[sandyc316]

Well I called them up and as soon as I mentioned Brightcom Group I was transferred to a guy who sounded very tired (possibly from handling many such calls) but assured me that it’s in process and the dividend should be credited in a day or two.

[sandyc316]

Incidentally, if you call Aarthi Consultants about the dividend, they tell you that the company has not given any information about the same! Apparently, many others have called and they’ve told everyone the same.

[sandyc316]

@jagasworld Nope, not yet! Was hoping that this will be the glimmer of hope that the management wants to do things right but, alas! Maybe I need to recognize this for what it really is – a bad case of CONFIRMATION BIAS

[sandyc316]

Thanks @buffet for the share. The interesting thing is that the company here notified the investors only after the warrants were issued and not on dates when it got the in principal approval from BSE/NSE. If that is the case, we should also expect such a notification of warrants allotment by the end of this month.
Btw, the promoters in this case paid 100% for a portion of the warrants and 25% for the rest. Similarly, if some of the entities in BCG warrants list choose to pay 100% upfront then the company can get more than 65 crores in for immediate use.

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