Correct, Rajen was made to surrender all his Shares in exhange for the damage done.
$900K installment by Nov 2024 and another $900K by Mar 2025 appear to be heavy.
$300K per year over six years would sound more realistic. However, given the nature of the case to represent it as an examplary punishment for this company and other companies, $900K sounds ok. Insight drawn the by judge may have suggested that this company has a plenty of cash spread across anonymous people.
The company should now complete the payment without delay and focus on the core business for organic growth giving values to the investors. Everything happens for the better. This punishment is a lesson for every individual company. HCT needs to prove that they are and will be working without subterfuges.
Best wishes holders!
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