[Logan]

@Saach, like I mentioned in the past, whenever there’s progress and improvements happening one or other thing will come and disrupt everything and set the company back. Sometimes it’ll be external and sometimes internal (mostly because of SKR).

In 2020/21, just when we were about to see progress, the Axis Bank case at NCLT happened then in 2022 the forensic audit news came, in 2023 there were 2 SCNs, the first was good which forced the company to improve a lot but the second was almost like a death blow. Now we have the final order for the 1st SCN.

The order doesn’t look too bad for the company (I’m not trying to spin anything positively) as SEBI has banned the company from accessing the capital/security markets for only one year but it’s bad for the promoters, especially for SKR who is responsible for all this. He can’t be associated with BCG (or other companies) for 5 years.

If he and VK didn’t lie to us and the market about their shareholding then SEBI wouldn’t have banned them for 5 years (the orders would’ve been similar to what it’s for the other two people) and maybe at the SAT they could’ve appealed and settled by paying only the penalty but the self destructive nature of the promoters has brought them to this situation and because of them we are also suffering.

Only God knows what the penalty will be and how many years SEBI will ban SKR for observations in SCN2. Obviously they’ll appeal these orders but I still don’t understand why SKR didn’t appeal immediately so that he could’ve stayed till the SAT gave an order. He’d have at least got relief for some days/months. I’m not supporting him but my question is if he was going to appeal anyway why didn’t he do when the order came? Like mentioned above, we are suffering because of his actions.

I don’t know for how long this drama will continue and when we will see good days. I hope that the current management will continue concentrating on the business and make sure that the company not only survives but grows more and becomes one of the established players in the sector. As shareholders, we should get ready for some difficult situations as the road ahead is not clear and full of uncertainties.

[Logan]

It’s good that they shared the weekly update yesterday. In that they’ve mentioned that the last weekly update was not shared because of the sensitive nature of the ongoing revocation process. I totally understand that as we don’t want them to share something if it means it’ll hinder the progress made.

My humble request/suggestion for them is to make sure that they don’t commit to something and miss it later (like saying SHP will be shared within deadline or telling us that revocation will happen within time etc). It’s better to inform shareholders in advance that the updates will be shared based on the progress made or considering how sensitive something is instead of staying silent as silence leads to unnecessary speculation. Like yesterday’s update, they can tell us in advance that a particular update will not be shared regularly and will be shared only if progress is made. That way everyone can understand the situation and leads to less speculation.

I don’t want them to share weekly business updates also because I don’t want them to share sensitive information related to the business/operations. I want them to be 100% transparent when it comes to compliance/reporting/following rules and regulations part but when it comes to business/operations they don’t need to share everything and share things which are mandatory (as mandated by SEBI/authorities).

One example is they should share the audited results of all the subsidiaries as that is related to compliance but they don’t have to share any sensitive business/operations information if that is not mandatory.

[Logan]

Like I said in the previous post, there’ll share everything for some period but suddenly become silent later and not share anything and that’s what happening now. It’s either share too much or it’s share nothing. Why should they tell us that they’ll share the SHP within time if they can’t do it? Why mislead everyone? Where’s the accountability?

The main thing which they lack is accountability. Being accountable leads to being consistent and being consistent builds trust which in turn increases confidence. It’s no wonder that no one trusts BCG.

We’re not asking them to share secrets or something extra and all we’re asking is for them to share the basic stuff like the SHP details and update on the progress happening on revocation of trading suspension.

It’s not the time to share something funny but I can’t help but say this – They will eventually share the SHP and when they do it, they’ll tell us what a great achievement that is and how that step (sharing basic info) shows how committed and transparent they are.

SKR’s friends dumped all their shares as soon as their lock-in period ended but he has brought a situation where shareholders can’t even sell their shares which they bought with their hard earned money. He won’t understand the stress and pain he has caused. On paper they’ll say how sad they are to see the difficulty faced by the shareholders but in reality it looks like they are least bothered. Thankfully I’m not in a situation where I have to sell my shares but I can imagine how hard it is for someone who wants to. Stock market is not predictable and anything can happen anytime and stocks will in upper or lower circuits etc but all that is for when things are not in your control but the company had full control and till last day they were saying that they’ll not let the trading suspension happen but it happened and later they said they’ll not let permanent suspension or the current suspension state (I don’t know the technical term) happen but that also happened.

It’s simple, with no accountability, these things will continue to happen.

[Logan]

@Saach, sorry for the (very) late reply.

I totally get your point about SKR’s plan and all shareholders have given him enough freedom and look what he did with that freedom. Had there been proper checks by the board, the company wouldn’t have been in this situation. SKR is a type of person who needs absolute control so he had appointed (with all due respect to them) mostly dummy directors, except people like Mr.Raghunath, Mr.Ram Sharma and Mr.Peshwa. Few of the previous and current directors are maybe good in their fields but I don’t think they add much value to the company. SKR has built/kept the parent company in a way that it’ll only be a holding company and all the decisions are taken at the subsidiary level (mostly by OMS/44 Ventures people) and the parent company’s board and management (except SKR) are just there for appearances or to facilitate the operations of the subsidiaries. I think the salaries of the CFO and executive directors are very low and I’m guessing that’s because these people are not working on day to day operations of the parent company but they’re just there for managing it which doesn’t require much effort.

This approach of holding company concept and having control is not a bad thing when we look at the operations side of things, in this fast changing tech (and adtech) world, it’s important to have control and strong leadership but that should be shown in other things also (like compliance, adhering to rules/regulations etc). No one checked what SKR did or didn’t say anything so he did the things which brought the company to be in this situation. The company’s stocks are suspended for trading, everyone makes fun of the company or they won’t take the company seriously and it’ll be very difficult to earn back the trust of all the shareholders who have trusted the company and SKR through thick and thin.

SKR and the management people don’t want to share sensitive information about the operations of the company and I’m totally fine with it but the problem is they did/do it with compliance related stuff also – like not sharing the audited results of subsidiaries for years (they shared for sometime but removed them later), proper details of PW allotment and how the money was used, not being transparent about the SHP, about acquisitions (they talk as if acquisitions are complete but backtrack later and not share proper details, at first they hype about the acquisitions but later when they change plans they don’t give proper reasons which looks suspicious). All these don’t bring much confidence or show that they’re serious about anything.

It seems like directors are (were) appointed for specific tasks (mostly to adhere to all the rules, regulations and for compliance) but they’ve to make sure that they hire people for the long term so that there’s stability and continuity at the company and also to instill confidence among shareholders and show that the board members are in it for the long term. If they wanted help only for compliance stuff then they could’ve hired consultants instead of board members.

And the character of SKR/management is that sometimes they share almost everything but in other periods they act complete opposite and not share basic stuff also which is very annoying. They shared so many updates regarding compliance etc but still there’s no news about December quarter SHP. It’s always the same – either they’ll be too active or too lazy/careless. When they finally share the details it’ll be too late but they’ll act as if they did a very great job (when it was only a basic thing to do) and pat their backs and write fancy things about transparency, commitment etc.

But in all these difficult situations, one good thing is that SKR showed that he takes responsibilities and doesn’t quit and and seems to have plans even if he doesn’t get back his previous roles in the company. With all things considered, I support SEBI in BCG’s PW topic. SKR and friends might have paid the money through different routes or whatever but the way it was planned, handled and the troubles it has caused clearly shows that SKR didn’t perform his duties as a chairman and he let everyone down (shareholders, employees, fellow board members etc). Like mentioned before, sometimes I feel that SKR should be removed considering the stress and pain he has caused shareholders from the past 2-3 years but when I think about other things, mainly the future of BCG, I don’t want SEBI/SAT to remove him and they should give him big penalty and let him be the CEO again. They can bring an order where the chairman should be a different person and both chairman and CEO shouldn’t be the same person. They can make Mr.Raghunath the chairman and though he is SKR’s friend, he’ll not let SKR do whatever he wants because SEBI and SAT will have eyes on the company/board. I’m not a qualified person to talk about this so it’s better to leave it to the honorable judge at the SAT to decide what to do with SKR. My only wish is that they should give judgement keeping the interests of all the shareholders in mind.

[Logan]

@Investor_2022, on the surface it looks good but I’m still not sure why another auditor is required now. Maybe the current auditors are taking more time and they need to finish it ASAP.

My comments are about the overall developments and scenarios. Today also an independent director resigned. Last month 2 of them resigned right after the AGM. If these keep happening then it shows that no one’s taking things seriously and they can leave anytime.

We need serious, long term oriented directors on the board who take everything seriously.

[Logan]

BCG’s and the board’s many actions are the best examples of making simple things complicated.

What is the need for a joint auditor? That too when they won’t even share all the subsidiaries results with the auditor? Earlier they were sharing everything but after Daum case happened they stopped sharing and even though the subsidiaries are audited, SKR doesn’t want to share much with even the auditors and he wants to keep many things secret. The reason he gave for this was that he doesn’t want the competitors to know how the company is run. Maybe that’s why he kept his friends as auditors for years. No one can support this. All the companies also don’t want to share their secrets but they share everything with the auditors. If SKR/board is worried about the quality of the auditors then they should appoint a top 4 auditors to do the consolidating audit.

I know in the journey to become big companies many people will use short cuts to make sure that they don’t lose control over the company but in BCG’s case SKR has taken it to a stage where it looks silly and embarrassing.

He had the support of most investors which he should’ve used for good things but I don’t know when he will wake up and make the board also wake up. We are tired of seeing these silly things happening and getting repeated. Audit is full ready but the auditor resigned at the last minute etc looks so silly and pre planned. Board scheduled a meeting weeks before the date but that will be cancelled at the last minute because something came up. This looks like how small children give reasons for not completing homework on time. I’ve supported him many times for other things but I can never support him or the company for these things.

If he wanted total control then why did he come to public markets? He could’ve kept the company private and spared us all these emotional rollercoasters and tensions.

We have to wait till Sunday midnight to know why they want to appoint a joint auditor. You can be 200% sure that they will use fancy words to describe themselves and say how transparent they are and how this step (appointing joint auditors) is important. Of course the auditor might resign later but still the board will say that it’s good for the company (SKR said this when Murali & Co resigned as auditors) and spin everything as a positive.

[Logan]

Recently the company is showing proactiveness which was missing all these years. There were signs of improvement here and there but whenever those improvements were happening, one or other thing would overshadow and put the company under pressure. For ex, the company was improving a lot from 2021 (after the bad debt was closed) but the FA news overshadowed all that and they had to concentrate more on that and less on communications. Anything the company shared, most were not that interested in that and they were mostly asking about the FA (obviously that was very important). After the first SCN also there was a lot of improvement but the SCN2 put everything in a state of uncertainty.

I hope that there won’t be any events that would overshadow the progress happening. If any such thing happens then that will set the company back again and rebuilding that will take years.

It’s very good to see that they clarified about the BSE circular immediately and another good thing is that the new CS has signed that document.

[Logan]

It was a good initiative to start sharing the weekly updates but the latest update that they’ll be answering our queries starting this week is a greater initiative.

Let’s hope that the revocation of trading suspension happens on time and also they start resolving all the outstanding issues at the earliest.

Mr.Raghu and Mr.Kallol deserve credit for taking up the roles at the right time and for steadying the ship. SKR also deserves credit because it looks like it’s him who is doing all this.

[Logan]

I rarely write about naysayers and I’m least bothered about what they say but I’ve noticed that one PJ luck guy sometimes crosses the line and insults and disrespects many long term shareholders. Last time he had said that we had shut the forum so that the management can do one last dump. What the hell does he think about us? Does he think that we don’t have integrity and can’t think independently? We are not like him where someone needs to control us, he should know that our opinions are based on the developments happening and not based on other people’s comments. He thinks that everything is binary and people don’t have independent thinking.

He sold his shares so everything with the company is negative and everything is fake. This silly attitude guy is judging the characters of many shareholders. If he’s so sure that the company is fake then why doesn’t he go complain to the authorities about it.

There are many respected long term shareholders in this forum, and many follow it and some are senior citizens who share their wisdom, experience and knowledge with us and he’s labeling everyone as bad. Who gave him the right to judge other people? We are a country where we treat everyone with utmost respect (especially elders and senior citizens) and this guy is forgetting all that just because he couldn’t make money in the stock. Let him talk bad about the company, its management and SKR, no serious shareholder will give a damn but disrespecting long term shareholders is not good. I’m damn sure that his only agenda is to make everyone else sell their shares because he already has sold most of his.

Being invested in an online advertising company (I’m sure he still holds shares in the company), he should know how the online world functions/works and also how websites work. Our forum faced technical issues which is common in WordPress websites/blogs and it’s very basic to understand but he thinks that we did it deliberately. Imagine if he were a doctor and someone had health issues or met with an accident and went to him, I’m sure that he’d have accused and disrespected the patient saying that the patient is faking it.

I remember once I had shared a conference call transcript which was available on Yahoo and that guy was asking everyone on MMB to share the link with him. He doesn’t even know how to do a simple Google search but he’s writing stories about an online advertising company. One time he says everything is fake but other times he says that SKR will transfer good things (like OMS, other subsidiaries) to his own companies. If negative things happen or if the stock is in LC, he’ll come and say everything is fake and if real developments happen then he will say SKR will transfer everything to his private companies. Like mentioned above, if he’s sure about all these then why hasn’t he complained to the authorities still?

He behaves like a dead clock which refuses to accept reality. Come on dude, have one opinion and stick to it and have integrity, don’t be a chameleon. (Dead clocks can also be right 2 times in a day but that doesn’t mean those are the only truths).

Every shareholder has put his/her hard earned money and like him they have the rights to share their opinions and thoughts. We don’t need some chameleon to judge our characters. We have asked the management directly about many important points, including PW topic, SKR’s actions, auditors, etc. If we see there are issues then we’ll follow the right path and we’ll go and complain to the concerned authorities. It’s our wish whether we support the company or whether we are against it, we don’t need some chameleon advising us what to do. Let SEBI and the honorable judge at the SAT decide SKR’s fate.

[Logan]

@admin, please block many spam IDs. Their job is only to go to many WordPress blogs like ours and spam there.

Please disable registering unverified IDs also. Many nonsense people come and post many messages.

[Logan]

Thank God they clarified about Trenova and that all the subsidiaries will be owned by BCG.

A lot of credit goes to Mr.Kallol and Mr.Raghunath but we can’t deny SKR’s silent role in the developments happening. SKR seemed like he cared about retail investors but he took us for granted also. He never cancelled a single conference call and was answering each and every question no matter how tough the questions were. But I can’t figure out why he did the PW fraud, was it just to increase his holdings? If only that was the case then why did he give free stocks to other people who dumped immediately (and made thousands of crores)? He might deny that but we can’t say there was no fraud without the company sharing evidence for his arguments (maybe we’ll have to check the 187 page reply the company filed at the SAT to understand more but we don’t have access to that). Other companies will reply to SEBI’s orders and appeal at the SAT immediately where the judge will give more time and the people who get SEBI’s ban orders will stay for longer (for months and sometimes for years) but SKR resigned immediately.

When I look at all these, the way things were handled and the way the company took shareholders for granted, I don’t want SKR to be back as the CEO/Chairman but looking at the future, the changes in the tech industry, the big roles of AI and Quantum computing and the growth in audio streaming (music and podcasts), I want SKR to be back in the company as he’s very important for the company to not only grow but to survive also. Let the honourable judge at the SAT decide what to do with SKR. We can only hope that Mr.Raghunath and Mr.Kallol will get us to good places in the future (with or without SKR).

It’s sad to see Mr.Ram Sharma’s resignation as an independent director. He has mentioned that his main role was to help the company with the compliance part and looks like he’s resigning after making sure that is completed. I had high hopes and expectations on him and it’s good to know that he’ll continue to be associated with the company as a General Counsel (Advisory).

They talked about appointing a KMP also but there’s no update on that.

[Logan]

They’ve uploaded the AGM video on their website. This is a really good move and I appreciate them for that.

The questions asked in the AGM were also good. I thank the shareholders who asked those questions. I appreciate Mr.Raghunath also for giving answers and he was not deflecting the questions. Hope this continues and we see more transparency in the future. The conference call was bad but the AGM was good.

Please find the video in the below link. There’s the AGM video link and PPT Vivek, click on the AGM video.
(Investors page in Brightcom Group website)

AGM Video Link

[Logan]

I’m not sure why BCG’s management call it investors conference call, it should be called management lecture call. The management people talked more than 90% about boasting themselves and even though Mr.Kallol’s part was very less, he looked more honest and sincere than the other two. Mr.Raghunath was spinning every negative as positive but Mr.Kallol was more realistic and honest. Though topics like AI, audio advertising and quantum computing are very important, I’m tired of listening to the same prepared statements which are repeated in every conference calls.

What was the use of having Mr.Sreedhar on the call when he just repeated whatever Mr.Peshwa was saying in previous calls? Everything is theory and nothing is done yet.

I like people like Mr.Kallol who are more honest and realistic. I don’t want to listen to statements boasting about themselves when there’s no actual work done on ground level.

Mr.Kallol mentioned that BCG’s subsidiaries will be shifted to Trenova and he mentioned that Mr.Raghunath talked about this in the AGM. I couldn’t attend the AGM, can anyone please explain about this? I remember SKR wanted to consolidate all the subsidiaries into one US entity and that BCG would hold that entity. Is it the case with Trenova also or are they spinning off Trenova separately. If latter is the case then there’ll be no value left in the parent company. I don’t want to comment on it without knowing anything about it. The whole reason I’ve stayed invested in BCG is because of the subsidiaries (mainly OMS) and if it’s not part of BCG then there’ll be no value left.

Why didn’t they talk about Trenova and clarify about it in the conference call? They should share an update on it through the exchanges and should share the transcript of the AGM so that investors who couldn’t attend the AGM can know what was discussed (other than the main agenda of course).

[Logan]

I think the @admin is busy and might not have sent the questions to the IR.

I request all the shareholders to include my questions also along with yours (which I’ve added in the Questions to ask / Post-Conference Update thread). Please make sure that the management team provides proper answers to all your queries. Ask specifically about the PW fraud and the future plans.

[Logan]

@admin, please send the above questions to the company for both – the AGM and the conference call. If they miss addressing these in the AGM then they should at least address these in the conference call.

If you don’t mind please send it today and also send it on Thursday so that the management will not forget about it. If we send only today then they might not pick these for Friday call. I’ll add more questions once they share the Q4 results.

[Logan]

Thanks @Longplay55, and I totally understand your views and perspective.

If you remember I had massive respect for SKR and that was because he had the never die attitude and he had always dedicated himself to the company (initially he didn’t have much commitment towards shareholders but later on he was changing that attitude and from early 2019 there was a massive improvement). I’m not sure what made him do that PW fraud, was it pure greed or was it a misstep but that one bad decision made lakhs of people suffer. And to know that the PW allottees didn’t pay a single rupee is like rubbing salt to our wounds. If he wanted only money then all shareholders would’ve voted yes for him to increase his shareholding and no one would’ve objected if he took crores of salary.

SKR has taken few wise decisions, like starting programmatic advertising sooner than most in the market, getting into audio advertising and though the AI trend has picked up from 2022, SKR was talking about it from 2015-16 or maybe even earlier and he had started projects on it but he has also taken decisions that have hurt shareholders badly and the bad decisions overshadow the good decisions.

If you notice, one of the main reasons (not the only reason obviously) for Donald Trump to win the elections is because of his participation in podcasts. Even here podcast trend is growing but it’s very big in the US. With podcasts you can connect with people and you can understand the trend that’s going on. The growth of audio streaming (music and podcasts) is high and SKR wanted to get into that at the right time. Unfortunately I think the audio ad JV with Consumables Inc might be dead and that’s because of SKR only. I don’t know whether he used the acquisition news to do pump and dump but that industry has good growth and is expected to grow even more in the coming years.

Let’s see whether Mr.Raghunath, Mr.Kallol and the board can revive the company and get it back to previous levels. I never wanted BCG without SKR but his betrayal of shareholders made me change my mind. Let SEBI and the honourable judge at the SAT decide what to do with him but we need his guidance for the company to grow. I still want the board to have him on a consultant role because looking at the way the tech world is going (AI especially), we need people like SKR to advise the company.

The negatives are that, if he could manipulate the bank statements then he can manipulate the subsidiaries numbers also and the numbers might not be what was reported previously. This risk is also there but SEBI didn’t say anything about fake revenues when it did the forensic audit.

I hope that everything is real and that we see good days ahead. All shareholders have supported the company through thick and thin and the management should make sure that we see good days ahead.

[Logan]

@Longplay55, my health issues are totally unrelated to BCG and I’ve had it from a long time. Though BCG is a good part of my portfolio, I’ve not put all or majority of my eggs in BCG basket. I’ve diversified sufficiently.

You might think that I’m ranting here but what I’m asking for is accountability from the management. If you remember Mr.Kallol said he’d share the Q2FY24 results in the first week of March but when did the company actually share it? It’s not as if they’re sharing the Q2FY25 results and they had run into some issue and had to delay the results. They’re sharing the Q4FY24 results (which they were supposed to share 6 months back). I know we are seeing progress but how many times have we seen them go back on their words? They said they’d never allow trading suspension to happen but what happened later? What happened to CEO, CFO and CS appointments?

I support the company and support Mr.Raghunath for taking up the role when the company was/is in trouble. I’m not worried about the stock price also, I’ve seen both happening since the day I started investing in BCG – all time lows and all time highs.

I appreciate Mr.Raghunath, Mr.Kallol and the board for taking massive responsibilities at hard times. Others wouldn’t even join companies when the companies are in trouble but these people not only have joined but they’ve also taken the responsibilities and I have massive respect for that but only thing that they have to improve on is being accountable and do what they say.

(History has shown us that if the management isn’t held accountable then they’ll think they can do whatever they want and get away with it. If you remember, we supported SKR all these years and year after year we kept on supporting him even if he wasn’t improving. He not only became lazy but took shareholders for granted and did the fraud. If he were accountable, he’d not have lied to us about his shareholding and he’d not committed the PW fraud. See how much shareholders are suffering because of him and the company’s revenues have also declined massively because of him. Mr.Raghunath, the board and BCG’s employees are also suffering because of SKR’s actions)

[Logan]

I thought they’d finally do what they say but again there’s postponement of results (not the Q2 of FY25 or Q1 of FY25 but Q4 of FY24) which they were supposed to share 6 months back. There’s no point in having hopes or expectations at all, we’ll be sure that we’ll get disappointment later. It’s only in words that they say they care about shareholders but in reality it’s different.

[Logan]

These are my 1st set of queries for the conference call and the AGM, I will add more queries once they announce Q4 results. I might have missed adding few queries, I’ll review these once again today and send the updated list by EOD or tomorrow.

Thank you for organizing the conference call. We appreciate Mr.Raghunath, Mr.Kallol and the board for taking up the roles when the company is in trouble/crisis. We have prepared the following questions keeping all the shareholders in mind. We request you not to skip any of the questions and answer each and every question.

1.Please provide all we need to know about the Preferential Warrants/Shares topic. How much money did the company receive totally? If whatever SEBI says is true then how could the company betray shareholders like this? We trusted the company and the previous CEO Mr.Reddy a lot and had massive respect for him and we invested our hard earned money and part of our life savings because of that trust but seems like he took advantage of that and betrayed us and put the company and the shareholders in this bad position. The company lied to us that the people who were allotted stocks had paid the money. Those people were given stocks for free and dumped all those stocks as soon as their lock-in ended making thousands of crores of money (maybe more than 2-3k crores) whereas the small shareholders who bought the stocks in the company trusting the management/board have been made to go through hell from the past few years. We still haven’t recovered from last year’s shock and we are not seeing much progress from the company to address the issues. Still there’s no CEO, CFO and a CS and everyday we think the company might get delisted and we might lose all our hard earned money. How does the company justify these actions? How will you address SEBI’s observations?

2.We understand and respect Mr.Reddy’s role in growing and building the company and we have always appreciated that but how did the board let one person have so much control and give him free hand at everything? Why didn’t the board review basic checks? Why did the board leave everything in Mr.Reddy’s control?

3.As there’s talk in the market, it seems like everything was pre-planned. The company used the Mediamint and Audio Ad company acquisition news to attract small shareholders so that the people who were allotted stocks on preferential basis could dump their stocks to small retail shareholders. What is your comment on this observation?

4.How could the revenue and profits fall so much in last year’s 3rd quarter? A company making 1,800 crores the previous quarter made only 450 crores in the next quarter. You have said the reasons for that are the removal of the CEO and the war is Israel. We can understand the impact of the war but how did a tech company which has been in business for 25 years have all the dependency on one person and doesn’t have proper plans to protect the business when things like war happen? Being a multinational company with operations in many countries weren’t there proper back-ups? In the last few calls we asked the previous CEO of this very point i.e. what if he had to leave due to various reasons (including getting banned from being a director in BCG) and he had told us that the company had full plans in place if he were to leave and that nothing would impact the operations of the company (this was said in FY 23 Q4 conference call). How can the revenue fall suddenly and that too by so much? It’s hard to believe that a billion dollar revenue company relied on one person all these years and there were no reviews and checks to have less dependency on that person. What happened to all the plans which the company had if the CEO were to leave?

5.Why did the previous CEO gives stocks in the company to people who gave him personal loans? Isn’t this a betrayal of trust and doesn’t it look like he took shareholders and their hard earned money for granted? We also asked him about the PW allottees selling their stocks as soon as the lock-in ended and to that he had told us that he or the company doesn’t know anything about it but it’s very clear to us that he was involved with them from day one and knew everything about them selling.

6.Why isn’t there a progress happening on appointing people for the vacant and necessary roles? Are you waiting for the previous CEO and CFO to come back?

7.We never doubted the numbers of the company previously but after the SCN2 and the Q3 results, we are starting to have doubts. If everything was alright then why did previous executive director/promoter Mr.Vijay Kancharla dump almost all his stocks? Didn’t he see that the company he built had good future? If everything was alright then why did all the PW allottees dump all their stocks without even holding a single stock if the future of the company is bright? A company making thousands of crores in revenue couldn’t afford to pay back loans taken from various people and had to give stocks instead? Please share your comments on this.

8.How many employees are there in the company? How many are direct and how many are contract employees? How many are in each subsidiary? Why don’t we see about the employees on sites like LinkedIn etc?

9.What are your plans for reviving the business of the company and to have less dependency on the Israel team?

10.Why was the brand name of BCG’s products changed from Brightcom to OMS? Did SEBI’s order play a role?

11.What is the current progress on the JV with Consumables Inc? Is the JV dead?

12.Why isn’t the board appointing a top 4 auditor or one of the reputed auditors?

13.Small adtech companies show their products and sponsor many events but why doesn’t BCG (or its subsidiaries) do that? BCG has more revenues than companies like Magnite, Pubmatic etc but why doesn’t the company sponsor events? Won’t this bring extra business and revenues? Is this company’s strategy and that you want the company to be under the radar? Please explain the company’s strategy.

14.Why was Trenova started when you already have Brightcom and OMS brands? You’ve mentioned that Trenova will focus more on Europe and Asia. Doesn’t the company already have good business in Europe?

[Logan]

Yes @AdUp, I’m also seeing maturity in their communication. Not sure whether it’s mostly SKR or maybe there’s contribution from Mr.Raghunath and the independent directors also. I’m glad that they’ve finally understood the importance of taking actions and not just saying words. The attitude of taking action only after getting into trouble should also stop.

They’ve mentioned that they’ll hire a KMP and I’m guessing it’ll mostly be for the CS role and not for any other roles. It’ll be a pleasant surprise if they hire a CEO or a CFO or an executive director but my expectations are very low now.

[Author]

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