Brightcom Group shares hit lower circuit after SEBI order #newkerala(96459) newkerala.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newkerala.com Daily Mail and Mail on Sunday newspapers.
Brightcom Group Ltd, M. Suresh Kumar Reddy (BGL's promoter-cum CMD), and Narayan Raju (CFO) were involved in round-tripping of BGL's own funds in a circular fashion to falsely portray receipt of consideration from allottees of preferential .
India s market regulator on Tuesday barred Brightcom Group s two top executives from holding directorial positions over irregularities in the marketing firm s preferential share allotments. .
Sebi on Tuesday restrained two Brightcom Group officials, M Suresh Kumar Reddy and Narayan Raju, from holding any managerial position in the company or its subsidiaries until further orders.
Reddy is the promoter-cum-chairman and MD of Brightcom Group Ltd (BGL) while Raju is the chief financial officer.
Besides, the regulator also banned Reddy from the securities market until further orders.
A SEBI order issued on Tuesday said that ample opportunities have been given to ace investor Shankar Sharma to provide the correct position of payments made to Brightcom Group Limited (BGL).“However, he has failed to provide the same. .