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BSE finds Compact Disc India non- compliant with SEBI Listing Agreement

The stock exchange has sought clarification from the company for a series of violations against the Listing Agreement

It is reliably learnt that the Bombay Stock Exchange (BSE) has found multimedia and animation company Compact Disc India non-compliant with several provisions of Clause 49 of the SEBI Listing Agreement. It has sought clarification and explanation from the company on this matter.

Apparently, the stock exchange has observed that the company has only a single independent director out of a total of three directors and is thus non-compliant with the requirements under Clause 49 (i) (a) of the Listing Agreement. As per the guidelines, at least 50% of the company’s board should be independent directors.
Further, the company has also failed to constitute its audit committee under clause 49(ii) (a) as per which two-thirds of the members should be independent directors.

The company has also failed to appoint an independent director as chairman of the shareholders-investors grievance committee and has thus also failed to comply with requirements under Clause 49(4) (g).

BSE has also observed that the company has actually reported compliance with the above clauses as per its disclosure dated 15 April 2010 as well as in earlier quarters.

Sources close to the development confirm that BSE has not yet received six copies of the annual report for the year ended March 2009 as per Clause 31 (a).
Meanwhile, in a letter to Moneylife, the company has clarified that the $82-million deal announced by the company for working on an animation film on Adolf Hitler was never announced with BBC Films. Apparently, this film assignment was given by a yet unnamed UK-based production house. As per its website, the deal with BBC Films was to co-produce another film titled ‘Blame it on the Bhangra’.

The company has also stated that all details regarding the annual general meeting (AGM) were communicated to the BSE and through leading newspapers well in advance. Also, regarding our comment that the company promoters may be attempting to drive up the share price of its stock, the company clarified that “Since 1993, the management never manipulated the company’s shares.”

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COMMENTS

satish somani

6 years ago

Reading the above article,the sebi should have arrested the MD of Compact Disc.This company has not paid declared dividend since last two years.They don't send annula report to the shareholders.Their books are all cooked up and I am surprised inaction of SEBI.I think like most other Indian bribe taker they also take bribe from this company and look the other way.

viren

6 years ago

pls send me new changes in listing agreement and new updation by bse

s.k.sood

7 years ago

If you have written something damaging about a company then either you should stand by it and defend yourselves in the court or tender an apology. I failed to understand why you have removed company's clarification from your comments column.

vsb2pwn

7 years ago

Dear forum members,
This is to bring to your attention an article published by Moneylife magazine in relation to Compact Disc India on our website. (see here: http://www.moneylife.in/article/8/4824.html)
In response to the article, the said company has threatened to sue us on various counts, one of which has got to do with the allegation that it's AGM was held without knowledge of shareholders.
We wish to invite participants in this thread to come up with any more details they might have in regard to this AGM. Any other additional information will also be highly appreciated.
Regards,
Moneylife Team


highly appreciated???????????

Not even acknowledged !!!!!!!!!!!

vsb2pwn

7 years ago

Thanks Rao,

I am satisfied with the fact that I was able to yet again helped a honest investor see the real truth behind such scamming managements and companies run by them.


"Does anyone know how to report such scams to be exploding to BSE or other organizations?"

All we can do is ask media to be responsible enough to do it on behalf of small investors cause they are helpless to take a company all by their ownself.

We blew this in our forum "The Equity Desk" I was pleased when "moneylife" reported it first time quoting from posts in our forum.

The moment CDI threatened to sue "moneylife" they approached the forum for help. I was candid enough to own my words right here on "moneylife" immidiately and in fact asked CDI to sue me if I am wrong.

But To My Utter Sadness, "moneylife" never even acknowledged my promptness to stand by my words here, what to say about a line of thanks !!! They had my email ID

Well ! under this scenario, Rao , You & I can do little except to caution each other and hunderds of others like us.



Rao

7 years ago

Does anyone know how to report such scams to be exploding to BSE or other organizations?

Rao

7 years ago

Thanks to vsb2pwn. It prompted to look at the financials and history of CDI closely. I came to the conclusion that CDI is in fact manipulating the whole time.

I doubt if they ever produced any movie or made profits as they show on their showy statements. I reckon the small time auditor is also in cahoots with the CDI management.

There are no independent directors on board and all are related closely, which is why it is so easy to pass ridiculous resolutions.

The company is rolling money from profits to receivables to inventory to bank loan payments etc so that it doesn't need to pay any dividends. In the mean while whenever there is an appreciation of stock price they sell their benami shares and make money. Once the price goes down may be they buy on cheap or get shares allotted to them through another resolution.

There is a big scam that is to be exploding soon. Beware of this camming CDI.

vsb2pwn

7 years ago

"the stock exchange has observed that the company has only a single independent director out of a total of three directors"

Who is independent director here ? Mrs. Santosh Grover ???
If so, how come she is also on board of same promotors Seengal another company, M/s Total Exports Ltd. ???

vsb2pwn

7 years ago

http://www.originpictures.co.uk/?page_id=29

David Thompson's Origin Pictures is silent on Blame It On Bhangra & CDI

http://www.originpictures.co.uk/OriginPR0708.doc

vsb2pwn

7 years ago

Paul Angunawela interview with Susanna Fosse was quoted in this yahoo group too........
http://uk.groups.yahoo.com/group/the_alternative_matters/message/51

vsb2pwn

7 years ago

Sorry Just checked that Paul Angunawela interview has moved from the link.

But Check This :

It is being developed by Origin Pictures, which is run by the former head of BBC films David Thompson. He is co-producing it with the BBC.

http://www.independent.co.uk/arts-entertainment/films/news/britain-jumps-on-bollywood-bandwagon-1682305.html

vsb2pwn

7 years ago

Compact Disc - Clarification on Dividend for the year ended Mar 31, 2009 | 16/02/10 12:06
Compact Disc India Ltd has informed BSE that:

"The chairman informed the members in the Extra Ordinary General Meeting held on November 30, 2009 that the Company was granted working capital limits by The Hongkong Shanghai Banking Corporation Ltd. The bank has charged excess interest and other expenses which were not in conform to the sanction letter, hence a dispute arises with the bank. The Company was expecting a settlement with the bank on or before the Extra Ordinary General Meeting. The dispute with the bank could not be resolved. The Company requires prior bank's consent for payment of dividend.

The chairman requested the members to defer the proceedings of Extra Ordinary General Meeting in view of ongoing dispute with the bank. The members considered the request favourably and deferred the proceedings of Extra Ordinary General Meeting unanimously without taking any agenda item. The members also authorized the Board of Directors to hold another General Meeting to consider the agenda item.

Resultantly the dividend was not considered in the Extra Ordinary General Meeting held November 30, 2009, as the proceedings of Extra Ordinary General Meeting were deferred."


It Took CDI around 3 months to tell their share holders the above. Non-compliance apart, I just wonder how come their books are healthy with a dispute with a bank going on and was the company secretary and CA's of company not aware of this while announcing Dividend? Can anyone realate a similar incident anywhere else.

vsb2pwn

7 years ago

Compact Disc India Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from September 23, 2009 to September 30, 2009 (both days inclusive) for the purpose of Payment of Dividend & Annual General Meeting (AGM) of the Company to be held on September 30, 2009.

This is only information BSE site had of AGM. No Venue Or Time of that event was ever disclosed prior to 24 Oct, 2009 when out come of AGM was announced.

vsb2pwn

7 years ago

"the deal with BBC Films was to co-produce another film titled ‘Blame it on the Bhangra’. "

CDI does not own Blame It On Bhangra so where is the question to co-produce ???
"Susanna Fosse: You sold your screenplays ‘Blame it on the Bhangra’ and ‘Last Post’ to the BBC. When can we expect to see those?
Paul Angunawela::Blame it on the Bhangra is ready to roll this Summer 2008, and will be out in the cinemas in 2009. The Last Post is still in development at BBC Film, but my feature after Bhangra will be a thriller called ‘Cripple’ for Origin Films a new film production company which will be out in 2010. Wow that sounds damn futuristic!"
You can read Full Interview here
http://www.constellation-change.co.uk/Pages/interview13_2008.htm

vsb2pwn

7 years ago

“Since 1993, the management never manipulated the company’s shares.”

What's That ??? So Prior to 1993 ???

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