MrSteven
13 hours ago
Despite repeated promises and commitments from our society called CEO Laxmi Prasad Palaypu regarding staff payments, we have seen a consistent pattern of failure to meet those commitments. Unfortunately, this is not a new update but rather a continuation of a troubling trend.
Here is a breakdown of the most recent payout promises and failures:
1. 5th December 2024: The CEO committed to paying the first installment of 1 month salary for staff in both the US and India, but this payment was not made.
2. 10th December 2024: The second payout was promised, yet this too was not fulfilled for 1 and half month payout. As expected, since the first payment was not cleared, the second payment was also missed.
3. 20th December 2024: The CEO made a third commitment to pay 2 months but once again, this payment was not made.
This is part of a larger pattern that has been going on for more than a year, where promises are made but never kept. Each time a new payout date is set, it becomes yet another empty promise, only to be replaced by a new date that also goes unmet. Now, there is an additional promise of a payout on 30th December 2024. However, given the backlog of payments (5+3 months, totaling 8-9 months of unpaid dues), it is highly unlikely that this payment will be made either. The individual who has not been able to pay even one monthโs dues to the staff in the US and India is not in a position to clear such a massive backlog.
This pattern of empty promises and failed payments has become clear to all of us by now. It is extremely frustrating and disappointing to see our hard work go unrecognized, especially when we are continually given hope through false commitments. At this point, it is crucial for everyone to understand the reality of the situation. We cannot rely on these promises any longer.
K.K
3 days ago
Laxmi after patiently waiting for almost a month since November I have been following up on the outstanding payment since December 6th, and Iโve sent multiple emails on December 6th, 7th, and 11th. Despite reading my emails, you have chosen to ignore my attempts to resolve this issue. This lack of response is disappointing and reflects poorly on your commitment to fulfilling the promises made. As a result of your continuous failure to make the payment, I feel compelled to escalate this matter publicly through social media and investor platforms, as it is clear my attempts to resolve this privately have been ignored. I want to stress that I have many more concerns to raise, but until the payment is made, I will not hesitate to take further action.
karlacorn3
3 days ago
You are correct, he did.
As for questions, I really don't know what to ask at this point. There are so many reasons and explanations for the delays, I honestly lose track. I simply expect updates to stakeholders (an operations norm).
The quote in my previous post is from a notice provided by the company. I shouldn't have to seek info in a vacuum. Every stakeholder should receive the same update, not one-off communications that can become misconstrued and shared to the point that the story and/or message becomes totally different than intended.
I just believe that communication informs, saving ignorance from the lack thereof.
Respectfully,
K
K.K
3 days ago
I understand that delays happen, but waiting for 10 months for a payment is completely unacceptable. A delay of a week or even two weeks is understandable, but this prolonged delay is beyond reasonable. Many of us have our own responsibilities and goals to focus on, and itโs important that we prioritize our own work rather than getting caught up in distractions.
If you have any personal issues with employees in India, thatโs your concern, but please do not interfere with my work. I expect maturity in handling such matters, and I would appreciate it if you could focus on resolving your own responsibilities. For those of us living paycheck to paycheck, waiting for a payment like this puts us in a very difficult position. Trusting that something will magically work out is not an option when our survival depends on the immediate resolution of such matters. Itโs important to recognize that not everyone has the luxury of waiting and hoping for things to change.
K.K
3 days ago
In an email sent in first week of November, he explicitly stated that he would clear my outstanding balance of ?2 lakhs on the coming Tuesday this was on 12th November. He assured me that he would not seek any further extensions and that I would receive the credit in my account before the due date.
Regrettably, despite his public commitment to the entire community and cow group, I have yet to receive the funds. Laxmi Prasad's failure to honor his promise is unacceptable, especially considering that he sought and received further assistance from me.
Moreover, he requested that I wait until his account was activated, which I did. He confirmed the activation via email and even sent funds to a couple of other individuals. However, he ignored my case, despite my sharing the medical conditions of my parents.
K.K
3 days ago
Dear All,
I am Kiran Kumar Vardhanapu, a member of Interups India/ Mycow group. I am writing to bring to your attention a pressing matter regarding an overdue payment.
Laxmi Prasad had committed to paying my outstanding balance by November 12th, 2024. However, despite his public promise to clear my dues by November 16th, 2024, I have yet to receive any payment. Unfortunately, this delay has caused me significant hardship, particularly as my father underwent open-heart surgery, and I had informed Laxmi Prasad of this situation.
I have attached screenshots of Laxmi Prasad's public commitments to pay me. It has been over a month since his promise, and I am still awaiting payment. I had agreed not to post about this issue on social media or investor platforms, and I have honored that commitment. However, due to the ongoing delay, I am now forced to take this matter public. I have apologized I have requested him alot.
I request that Laxmi Prasad takes immediate action to settle my outstanding balance.
Kiran Kumar Vardhanapu
LVerstee
5 days ago
You (IndianGuy Rocky) and Laxmi are the only two Indian individuals Iโve been in contact with. If someone on the Indian side claims they have (or had) contact with me, they should be able to prove it to you. With ease.
The fact that you even have to ask me should already tell you something. Why ask me? It is simply NOT true!
My SINGLE source of information regarding actual status of Indian staff? THAT SOURCE IS YOU! You mentioning that name is the first time Iโve ever heard it. So I don't see what you are trying to get at here unless you are introducing yourself in the weirdest way.
As you full well know, I donโt have the time to fight a battle on behalf of Indian staff. That is your own fight. If Laxmi really started to pay Indian staff, thatโs great. That's one less problem.
But just like with the claims made to you by your Indian colleague, those are just words. Proof?
Whatever this game is of trying to associate me with Indian staff, a amaljith, or anyone else, stop it! Using my name doesnโt give you, them, or anyone else any power.
If that person used my name or claimed an affiliation, thinking it would give them power, then Laxmi was right when he said certain staff members are abusing my push.
However, he was wrong to assume I have any (active) connection with Indian staff. I now understand where that perception comes from. He needs to see the truth. But I am an enemy to him asking legitimate questions so his vision is clouded.
I do not have time for games. You should focus your energy somewhere else. Time is running out.
RealDutch
2 weeks ago
Thereโs no money to rent office space, no money to purchase laptops, and no funds to pay agents or even provide offer letters to staff members.
You are not saying anything new here. The company has admitted they don't have any money. But your conclusion that the company is a fraud is all wrong.
Let me explain, because most people don't have a clue how this works. I have been investing in the China space for over 15 years. Those are American companies with operations in China and a listing in the US. Which I call "Chinese" companies for convenience. Now, these startup companies all need money, that is why they are listed in the US, so they can raise money and grow. So far you can follow? Some companies do have cash, sitting in China. And some don't. It don't really matter because the Chinese government doesn't allow money to leave the country. It has actually taken me almost 10 years to recognize to the fullest extent how damaging all of this is, for the shareholders. Because these companies are forced to raise cash in the US. And they don't care what it takes. They either pay the bills, or go bankrupt. And there is no help coming from China. A lot of these companies issue stock for a fraction of fair value, for pennies on the dollar. And they don't care. Because they don't have a choice. Most people don't know this. Like I said, it has taken me almost 10 years to see the fullest extend of it.
The thing about China is, there have been a number of frauds and also a lot of short attacks the past 2 decades. And it resulted in the sector taking a huge hit with ever decreasing valuations. Now, if you are forced to raise cash in the US, and dilute your shareholders, you are making matters even worse. A lot worse. But, as I said before, they do not have a choice.
What is important to remember about this? These companies don't have any money. We are talking about small caps here, not the big caps. Even if they have money sitting in China, they can't access it. Does this mean all these companies are frauds? No. It means they don't have any money. That is why they need investors like you, because they want your money. Not because they are into charity.
Why am I telling you this? Because we have a similar situation for ITUP and MyCow. Certainly MyCow doesn't have any money because it is a fresh company. And ITUP, probably not much either.
The differences?
1) ITUP does have a lot of assets in India. Well over $400M in net assets. Most of it can be sold. You can check the latest SEC filings from 3 years ago if you want to know the exact numbers.
2) India does allow money to leave the country.
This is what we have been doing since May 2023. Selling off those assets and transferring it to the US. It is called "repatriation". But there are a lot of regulatory hoops you have to jump through. And close to $100M of that money is sitting in Hong Kong now. This is where the dividends will be paid from and other big expenses as well as the salaries. Laxmi will travel there shortly and free up that money.
That is why you can't conclude this company is a fraud, solely on the basis of not having any money.
There is another reason why it is problematic, for us. ITUP and MyCow are not publicly listed. So they can't....... raise cash to fund operations like all those Chinese companies I just talked about. This is a problem. But that is why we have been selling off assets in India.
I think I can stop here. This should clarify some things.
There are more key differences btw, like
1) All the important partnerships with the banks, which is quite unusual for a startup company
2) The company does actually have $3.4 billion assets under managent. This is in the US.... but this is not money owned by the company. They certainly can't use it to pay their bills. That would be illegal as I'm sure you can understand.
So, we have a pretty good story here. But we don't have any money. Not yet, anyway. But we will have it soon. In Hong Kong, but also in the US, from sales.
MrSteven
2 weeks ago
I feel it is important to speak up and share some hard truths, no matter how uncomfortable they may be. The reality we are facing as a team is that the promises and claims of financial stability, a multi-billion-dollar business, and timely payments are nothing more than illusions.
Despite what is being presented, the person who claims to hold assets worth billions is, in fact, struggling financially. The truth is that he does not even have a few dollars in his account literally a beggar. More troubling, his eldest daughter, Likhitha, is facing legal issues, with her accounts already frozen. For further clarity on these matters, I encourage you to visit the Redwood City attorneyโs office, where all the legal proceedings are ongoing.
Despite claims that $2.59M is readily available to settle all outstanding payments, the reality is this beggar Laxmi prasad has nothing and none of us have been paid, including those of you who are rightfully expecting compensation. The second batch of payments, which was due by now, has yet to be processed. RD, who was first on the payment list, hasnโt received anything, nor have the staff in both the US and India. Laxmi prasad was supposed to process the salaries for 20 staff members in India, but the fact remains that no one has received a single penny.
Itโs clear to me that the person in charge has no intention of fulfilling his promises. There have been months of delays with absolutely no progress. No laptops have been issued, no office space secured, and no payments made. This is a pattern of false promises and broken deadlines, all intended to deceive. Thereโs no money to rent office space, no money to purchase laptops, and no funds to pay agents or even provide offer letters to staff members.
This is a scam, and itโs becoming more evident with each passing day. Does it really take months, or even a year, to release offer letters? Of course not. The reality is, there is no intention to do so, and the delays are happening on purpose.
MrSteven
2 weeks ago
RD first, I think it would be beneficial for you to have an official spokesperson tag to properly represent your position, particularly when discussing matters that might involve the broader team or company.
As for your recent comments regarding the "staff" in India and the USA, Iโd like to clarify that regardless of where the staff are located, your remarks about suing Indian staff for unpaid dues are irrelevant and unhelpful. Itโs crucial to focus on the individuals responsible for payment obligations. In this case, I believe that Laxmi Prasad, your GODFATHER, is the person responsible for settling your payment.
That said, itโs becoming increasingly clear that your continued frustration with delays in payments is growing. Yet, despite the passage of time and several missed deadlines, there has been no action taken to resolve the issue. At this point, it feels like the promises of compensation are not being delivered, and your comments reflect that growing frustration.
I encourage you to focus on constructive solutions and to engage with the responsible parties directly to resolve these matters. The situation can only improve if we communicate and act professionally and with a focus on achieving the right outcomes.
LVerstee
2 weeks ago
In short a company cannot choose to pay its dues at its own discretion or whim. Legal and contractual obligations require a company to pay its debts, wages, dividends, or other financial commitments within the agreed-upon timelines. Failure to do so can as you full well know result in legal penalties, damage to reputation, and strained relationships with employees, shareholders, and creditors.
LVerstee
2 weeks ago
Laxmi Let me answer another one of your classic classy emails.
First of all, I don't know MrSteven, so why not direct your messages to him through your ever-eager spokesperson, RD? Second, you have no right to call them your staff if you refuse to pay them, nor do you have the right to call us your shareholders if you fail to pay us. A company cannot choose to pay its dues as they feel and wish....
Moderators, please note that this is the email Laxmi sent to me, which I am quoting here, so kindly refrain from deleting it or banning me over it.
Dear Lverstee,
Please advise that Bastard Ass hole Mr Steven to first shut his stinking asshole mouth. I am daring to write these words...
It is my company, my staff and my shareholders and we pay and they receive as we feel and wish....
He has no identity and I dare he write anything declaring his identity ....
With no identity, with hidden names if he writes anything is not much worth than the shit that a pig eats on the streets....
I think he has no other life than idling himself on the Hub and criminally wasting his time --
It's high time he minds himself as none are worried about his junk ...
And I just wrote so you can pass this to him as your dear one...I will not be responding to junk that comes back ...either from you or from him...
Probably he has ample time, but we do not have any such time to fall to these pigs on the streets, Enough heard .... Ask him if he knows what happens if he spits in the skies, It is nothing more...
Why did I use a word like bastard, because he deserves it for the words he has written previously... Nothing more than he deserves...And I do not care a damn thing what he writes anything anymore because the public already knows what this pig is worthy of....
MrSteven
2 weeks ago
Do you really think I am expecting any answer from you? The one who left organisation in september and is not entitled or not in a position to answer anything? And I do not expect company to answer me so better you don't care about myself attitude as I have seen your attitude and approach when you reply to LVstee so let's not talk about attitude. Kindly focus on your money as per the chart shared by Laxmi Prasad you were the 1st to get paid on 6th December due to taxation and I JUST HOPE YOU RECEIVED YOUR MONEY WHICH WAS SUPPOSED TO BE CREDITED TO YOU ON 6TH DECEMBER 2024 PDT/PST? Why do you even feel I am expecting an answer from you? Are you CEO, CHO, CTO, CFO, Founder, Co-founder, Managing Director, Chief Architect Officer or some Chief Imaginary Officer? Just focus on your money RD which is pending from past 16-18 Months now.
MrSteven
2 weeks ago
On December 5th, Laxmi committed to releasing a one-month payout for all Indian staff, but as of today (December 9th), no one has received the payment as promised.
Laxmi shared an email stating that 20 staff members had been selected to receive their payouts first, and that the remaining payments would be processed by Monday. However, the latest communication now states that these payments for the 20 staff members have been released, but no list of recipients has been provided. Upon confirming with the team, no transactions have been initiated, and the promised payments to the remaining staff have been delayed multiple timesโfirst to Monday then to Tuesday, now to Wednesday.
Despite claims of having a $2.5M balance (Laxmi claims) and a successfully created account for payouts (Laxmi claims), no action has been taken. This raises serious concerns and suggests that there is fraudulent activities involved.
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