One of the items for resolution is adoption of Consolidated Accounts. So shareholders may ask for annual report or accounts for the US entity before resolution.
A set of queries may be posed to them, and with evoting, you or others may decide to vote against the resolution to adopt accounts, if the response is not satisfactory.
I can help with preparation of queries related to accounts and on claimed trademarks that are not registered with US authorities. Especially if I can get the US accounts. (If I were based in Chennai, I would have offered to be a proxy for bonafide shareholders)
Another quirk I noticed was that the AGM starts at 8:59 am on Saturday. I realized later that âRahu Kalamâ on Saturday starts at 9:00 am. So at 8:59 am they will avoid the Rahu Kalam!!
Iâm a shareholder from Bangalore. Iâm planning to attend to get some clarification on issues discussed on this thread.
I understand they will publish the annual report but can you please explain the process for requesting US entity accounts and other queries to be put up for evoting. The evoting starts on 26th and ends on 28th before the AGM, so should the process be done now.
In one the interview they said they will buyback at 600 a piece. Now price is so depressed Can you ask why not a single share is being bought by promoters? The link to interview:
Below is the question asked: There are indications of promotersâ holding being hiked. How do you plan in this regard?
We plan to increase stake through creeping acquisition by purchasing from open market upto price of Rs600 per share.
@diffsoft you have mentioned in your article that the auditors have written that the companies accounts cannot be relied upon and that there could be a big change in the numbers. Can you please mention which page in the annual report has the comment. I went through all the auditors opinions in the annual reports and could not find such statement⌠Am I missing something.
Wouldnât the auditor be obliged to give an opinion and refrain from signing off on the reports if they are certain that the numbers are not auditable?
I want to handle any query on this article, from anyone, either over a call or over email and not on the forum. So please send me a message and we can take it from there!
AGM is on 29th Sept 9 am (oops 8.59 am :)) and still AR is not available till date (17th sept)⌠is there any rule that AR should be available at least 2 weeks before the AGM date or I am missing something, I didnât not get the AR both on their website and on BSE website as well⌠This is biggest Negative for meâŚ
yes @diffsoft, we got the Annual report on 8th September and also 22nd Sept is the cut off date for eligibility of voting.
Blockquote
In terms of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 as amended by the Companies (Management and Administration) Rules, 2015 and Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company is providing the facility to its Members holding shares in physical or dematerialized form as on the cut-off date, 22ndSeptember, 2018, to exercise their right to vote by electronic means (remote e-voting) on any or all of the businesses specified in the Notice convening the 33rdAGM of the Company.
Company took unsecured loan of 37.5 crs from CFO R.S. Ramani
Loans given to Subsidiaries of 8K Miles Media Private Limited and its Group 106 crs & outstanding amount 58 crs
Few non compliance issues noted by auditors
Acquisition 8K Miles Inc for 7.4 crs by standalone entity amortized fully in FY18 - when this acquisition happened?
CEO salary 240k$, COO 144k$, CFO 40 Lacs, 6 other VPs are earning 35-40 Lacs
Median employee salary 5.4 Lacs
197 employees on standalone company
Note: Using consolidated numbers except for the last two points
I use AWS & Azure in my work. My original investment logic was based on the expected good business potential for 8k miles being next gen MSP for AWS & Azure. But not feeling comfortable with the red flags
Why I invested in 8k miles:
Please go through below links & some of them are from Amazon AWS blogs. You can see 8k miles have been early launch partners for AWS in some of these.
I was fact-checking @diffsoft 's article on Alpha Ideas and found all of what he mentions as facts to be untrue. Iâve stuck to the facts and not chosen to comment on his opinions.
@diffsoft since your article was posted on the public domain I am choosing to criticise it on the public domain.
This is for the benefit of people who may have chosen to blindly believe everything mentioned as verified factâŚ
âThe structure of 8K miles is a complex asanaâ - The structure is not a âcomplex asanaâ, 8k miles India is the parent of all its foreign subsidiaries and there are no cross-holdings what-so-ever. It canât get any simpler than that !
âbuzzwords like Cloud, Artificial Intelligence, Deep Learning, Machine Learning,Block chainsâ - AWS and Microsoft both have certified the companyâs competence in these areas so these are not buzzwords but genuine business enablers. I know because Iâm in this industry for 18 years and can find out who is bluffing about Cloud/AI/ML and who is not.
Sandeep Tandons stake not mentioned in annual report because Sandeep Tandon did not have a holding as of March 2018. This is clearly called out in the March quarter shareholding pattern disclosure as well. Sandeep re-acquired is 6% odd stake in the June quarter. Now, why he was not holding his 6% in the March quarter is a question that only Sandeep can answer, but just to clarify this is not a copy paste error by the company or the auditor.
Related party transaction of 70.285 cr not accounted for as per page 177 and 179 - The related parties to which the loans (amount mentioned on page 177) were given have been clearly stated on page 179. Nowhere does the annual report in any way indicate that the 70.285 Cr loan was not a material transaction.
Financial liability and the contingent liability of 21 cr as per page 166 & 177 - The annual report on page 165 calls out an amount of 21.4201 cr as âContingent Consideration on Acquisitionâ and on page 177 also it is called out as âContingent Consideration on Acquisitionâ. Nowhere in the annual report in any manner what-so-ever is this being shown as a âcrystallized liabilityâ. Page 177 merely mentions the liabilities in their foreign currency denominations. Read this brief to understand how contingent liability is recorded - https://www.investopedia.com/terms/c/contingentliability.asp
Related parties have not paid interest - On page 121 and many other sections âInterest Receivable for Loan to Related Partiesâ is clearly mentioned as 2.4292 cr.
8K miles may be a complete fraud for all I care, but I donât think its fair to fabricate misunderstanding, just because one has a very low opinion of the organization.
There are many subjective reasons and perceptions that create doubt but I havenât yet found a single fact that would qualify this company as complete fraud and trash. Maybe Iâll lose all my money, maybe Iâll make double, time will tell⌠Till then I will choose to rely on published and audited âfactsâ.
