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SobhaRegistered Boarder
@Logan, Thank you very much for your well considered reply. I do fully agree with your evaluation of the situation.
Still a minor point I would like to bring to your notice.. You said, “his friends made thousands of crores of money not paying a single rupee at the expense of small retail investors”. The confirmatory order of SEBI says that Shankar Sharma fully paid. There is evidence of full payment by Dr Varadharajan. What SEBI doesn’t agree is that the payment was for PW. Subrato Saha also paid. If we consider these things as book adjustments, broadly he has not given anything to his friends. The fake LLPs which were allotted 15 crore pre-bonus shares were likely to be meant for Vijay Kancharla. Of course there are minor corruptions like allotment to auditor as a bribe.
Your evaluation of SKR making rs thousands of crore is fully correct. He must have some evil intentions in his reply to SAT is also agreeable. Thank you for your well thought out narration.
SobhaRegistered BoarderLogan, while broadly agreeing with your evaluation of this situation, I cannot understand why the share should underperform or keep under pressure for a long time.
Consider that SKR is banned for 3 or 5 years from the capital market. In that case he has to run the show from behind keeping Kallol or somebody else in front. He cannot prevent the publication of results till that long. Of course he can prevent that for some more months. It is unlikely that they can manipulate the results any further under present conditions.
As skr is the major owner of the company, it is his interest in keeping the business intact. Even after the question of the ownership of the shares and board membership continue in litigation, the share price should reflect the underlying fundamentals.
Why don’t we think that probably now skr is in darkness about the final order of SEBI. So he cannot prepare his game plan. But he is with huge money in hand. 30 crores shares post bonus were sold in the open market; maybe above Rs 50 per share. If the SEBI asks to pay back 192 crore rupees with interest and fine, he can do that easily. It is likely that amount may come down by 30 crores as the confirmatory order says that there is definite evidence for the payment by Subrato Saha and Dr Varadharajan. SEBI doesn’t accept that it was for the loan to the company. But a court can reverse that.
If the SEBI asks to re-purchase 30 – 40 crore shares, which is the unpaid number, that also he can do with the present share price. But till the SEBI comes with the final order, he cannot plan his game.
SobhaRegistered BoarderThis is 2016 news
6+SobhaRegistered BoarderSobhaRegistered BoarderSome of our Hyderabad friends please think of visiting Hyderabad office.
SobhaRegistered BoarderAre our Hyderabad friends thinks of visiting BCG office?
8+SobhaRegistered BoarderFrom the forensic audit report it appears that the regulator has upheld the audit report of some subsidiaries, which are generating 75% of revenue and profit. The auditing was also done during the period the promoter was selling his holding. During that time the EPS of the company was above Rs 8 and peer PE at a global level was much above 50. By publishing the audit report during that period the promoter could have sold his shares at Rs 300 or more per share. But he has resorted to selling the shares for 3 – 4 rupees (Bonus adjusted). What is the explanation for this?
The preferential warrant was allotted almost at the same price. So it cannot be shown that the promoter made a huge profit in that.
It was the period the court case with Daum was going on at the New York Court. The management has a vested interest in under-stating the profit and reducing the share price in order to show to the Court that there was no profit to pay for Daum and the promoter holding in the company is less than what the Daum is demanding. At the all time low, the market capital of the company was near 110 crores (47 crore shares with price of Rs 2. 25) and the promoter net worth in the company was nearly 45 crores(40% holding) which was much less than the demand for 280 crores by Daum. There emerges some probabilities regarding the share selling. It can be that – assuming that the case will go to the Indian Court, the promoter has transferred his shares to some binamis. Another possibility is that some financial institution has trapped him and acquired the shares in the above process. It was a time when a group of FIIS which were earlier invested in the company were in a hurry to exit. It can be that the promoter tried to reduce the share price in order to push them to sell at a lesser price.
The pledge story has come to the fore after the forensic audit was initiated. It can be assumed, that was for giving an acceptable explanation.
SobhaRegistered BoarderAny idea about dividend distribution date?
2+SobhaRegistered BoarderSobhaRegistered BoarderI do remember, they mentioned 36% to be the promoter holding after acquiring the LLPs. But I couldn’t locate that letter now.
3+SobhaRegistered Boarder#brightcom #suresh_66 #brightcomgroup
It means as of 2021, the promoters actual holding was less than 2% and not as high as it was declared in the SHP. Through preferential warrants, they increased their holding percentage to 18%. It means that the promoters have bought shares pic.twitter.com/hUc8o9Q9wb
— Aryan Singhania (@AryanSi24364303) June 29, 2022
2+SobhaRegistered BoarderFrom Twitter
1+SobhaRegistered BoarderThe dividend policy says about a pay out of above 15% of FCF. In first quarter the expected FCF is Rs 250 cr as per given guidance. So Rs 40cr can be paid out as an interim dividend which is 20p per share. If that is declared with quarter results, it can be paid without AGM approval. That will enhance confidence. Please consider suggesting so…
SobhaRegistered BoarderSobhaRegistered Boarder@ #12249 Kris, It is unlikely that both of them sold. When total number of shares was 50 crore, both were above 1% of that. But with ongoing conversion, total share is increased to 85 crore. So both are below 1% now. That will not be counted as separate names. But will be included in ‘those holding above two lakh rs capital’
SobhaRegistered BoarderCan somebody explain what happened with daum? skr told – we will be debt free soon – with axis payment. They have made an agreement with daum to pay an undisclosed sum. is it paid?
5+SobhaRegistered Boarder@Logan, little bit time my sound was not working. The total time took was 3 minutes. Judge asked to BCG – what they have done? ans – paid 5crore- more time needed. Some settlement reached.. Judge become angry. … You have got enough time and opportunities. You are taking unnecessary time…. From axis – No information about settlement. Due is 40 cr. 5 cr received. May shifted to March beginning as per convenience of court. Judge said – One more time – March 2nd… over
SobhaRegistered BoarderJudge was angry in not settling the case. As 5 cr is paid, Axis adv agreed to March beginning.
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