Shameless Indian Promoters

One reply on “Shameless Indian Promoters”

Tried to look for your email id, couldnt find, so sharing it here.
Look at this company – xelpmoc design. Made an IPO in 2017 at a premium while it was having operating losses. It made bigger losses for 17-18. Strangely, in 17-18, it had greater gross revenue, but higher losses were due to high consultancy/professional charges. And their related party disclosures (in annual report) reveal that the wife, daughter et al of a key director (Mr Dembla) provide consultancy services, though lower fees are shown in that disclosure! And further shock is, Mr Dembla resigned during the year and sold his shares to another director! And the statutory auditors have not reported any fraud. Quite an Hitchcock!
Remuneration to directors, company secretary etc is kept very low. No wonder the CS is changed too!

See for yourself, the sloppy little annual report:

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