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Brightcom Group, CMD, CFO Siphoned Off Proceeds of Preferential Allotments, says SEBI. Also Bars Shankar Sharma, Others from Selling Brightcom Shares

After finding Brightcom Group Ltd (BGL), its promoter, chairman and managing director (CMD) M Suresh Kumar Reddy and chief financial officer (CFO) Narayan Raju were involved in round-tripping of BGL s own funds in a circular fashion to falsely portray receipt of consideration from allottees of preferential allotments and siphoning off of proceeds of preferential allotments, Securities and Exchange Board of India (SEBI) barred top executives of the company as well as investor Shankar Sharma from offloading or disposing of their shareholding in the company. ....

Ankit Kumar Alya , Shivkrishna Harakchand Damani , Kishan Prakash , Varun Shivkrishna Damani , M Suresh Kumar Reddy , Kishan Prakash , Shankar Sharma , Yerradoddi Ramesh Reddy , Manju Shivkrishna Damani , Ry Srinivasa Rao , Subrato Saha , Prerna Varun Damani , Suresh Kumar Reddy , Sushila Devi Poddar , Pooja Rajendra Prasad Poddar , Vijay Kancharla , Narayan Raju , Sanjib Hirendra Chakraborty , Rajendra Prasad Poddar , Ashwani Bhatia , Brightcom Group Ltd , Aradhana Commosales , Hansraj Commosales , Sahitay Commosales , Exchange Board Of India , P Murali Co ,