Before everybody Ramani, the CFO exited. Then all these Deloitte qualified financial reports. But present Upper circuit shows that “Market does not have ten elephants memory.” Lot of people burned their hand (including me) in this stock, and they are replaced by new comers.
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Ramani is a born crook.He owns substantial stake in 8k media ltd which runs radio stations,TV channels,Live shows in US.They bought India Abroad news but have closed it a few months back. He forged the signature of auditors to remit Rs35 crs abroad…He sold his shares before the fall,resigned as CFO but remained a director,lends money to listed co @10% and has provided full interest in accounts and has got a resolution passed that his principal will be paid beginning June 2022.
Which co advances Rs45 crs to another co to buy them, and agrees to forego 10% of the loan if deal not completed,drops the deal and foregoes the entire Rs45 crs. Atrocious.
Deloitte has clearly mentioned that they suspect fraud in accounts in so many places. And Suresh says that by 2021 middle he will get Health Triangle ltd the latest subsidiary with capital of Rs1 lac without a track record,listed on NASDAQ.
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@esoteric There is a saying in the market that “There is no point in confronting management if you are a retail investor. Lots of opportunities in the market. Take your money somewhere else.” I still get surprised, how so many retail investors get fooled for such a long period in this counter. That time I heard that Mr.Ramani is probably selling the shares to run old-age-home (I forget the source)!
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He has clarified to the exchanges that he sold the shares to start a old age home. Well his memory is fragile due to old age.
People only learn by experience and some never learn.
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Name of the Company is being changed from “8K Miles Software Services Limited” to “SecureKloud Technologies Limited”.
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8k saga continues under a new name.
So here he goes to list a subsidiary on Nasdaq after Deloitte complained to central govt of suspected fraud, resignation of 2 auditors, forgery of documents, unexplained billings, loan to promoter owned media co of Rs87 crs and subsequent write off, alleged transfer of shares from his personal account without his concurrence, 3 CFOs resigning, 3 company secretaries resigning…
Take over of Cornerstone in 17-18 with a goodwill of Rs 8.66 crs and intangible software capitalised at Rs44 crs.(written off subsequently)
Today the nasdaq document says “…the Parent transferred to us its Life Sciences business in exchange for 25,500,000 shares of our common stock, and on May 8, 2020, we acquired Cornerstone Advisors Group from our Parent in exchange for the assumption of certain liabilities of the Parent and the issuance of a $7,000,000 promissory note”
What PN and for what?
Deloitte note
“We had communicated to the Audit Committee certain matters which gave us reason to believe that suspected offences involving fraud have been committed in the Company.”
Indian shareholders were used to raise money and now they hold about 42% in Health Triangle thru step down subsidiary. The Indian unit is dead and has little business. Shareholders cannot get any dividend for next 3-5 years(until Sekurecloud Inc declares dividend.)
Moral: YOU CAN GET A NASDAQ LISTING DESPITE YOUR DISMAL TRACKRECORD.
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At the end of the day the markets are about making money and not proving your point.
The real question is have you made money. In my experience people who forcefully try to prove their point are actually expressing their regret at not recognizing an opportunity to making money.
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So much frauds are quite evident .
Please read earlier posts before investing in this company.
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That is your view. Each investment is a lesson to be revisited repeatedly and to prove a point if you are in the investment banking.
I made about 40x-45x with this man. The question is not making money but understanding the psychology of these promoters and never sleep over your investments.
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“The investigation also revealed that the complaint lodged by the Promoter of STL was misleading as he and his CFO were involved in a larger conspiracy of cheating the general public by way of inflating books, diverting funds of the company to the unrelated business activities of companies having stakes of the CFO and CEO of STL.”
At last the ED has initiated action on the claim of the promoter that brokers sold the shares without the promoters assent.
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