With all due respect, I don’t think bringing VFS into the picture raises questions on @nkabra 's neutrality. It just means that he is comparing the service quality of BLS with its competitor VFS - this is only helping us understand as to which company is providing better services/products on the ground. While VFS has struggled historically with data security related issues leading to reputation loss, questions have indeed been raised on the poor service quality of BLS.
On the question, “If indeed they did a great service, how come they did not get the renewal”, it is a known fact that BLS had hugely undercut VFS on pricing and not because there were question marks on the service quality provided by VFS (bidding of Euro 15.5 by BLS vs Euro 20+ by VFS per application if I remember correctly)
Albeit I do agree with you that management being a family shouldn’t be an issue.
@nkabra : Can you help us understand as to why would you think family management being an issue. Many small/mid/large caps have family as management and as @rvetri put it, they have been wealth creators as well. Also, Mr. Shikhar appears like a capable young professional (have seen his various interviews). Also, they have brought in an external reputed BIG 4 consulting firm for structuring at the group level (these are signs of an evolving management)
Disclosure: Invested from 180+ levels, sold after results. Looking for entry in future at the right price.