The National Stock Exchange (NSE) announced in a circular dated May 14 that trading in Brightcom Group shares will be suspended from June 14. This suspension is due to the company not publicly declaring its quarterly results for two consecutive quarters.
The circular specified that after 15 days of suspension, trading in Brightcom shares will be allowed on a Trade for Trade basis in the (Z category) on the first trading day of every week for six months. At the time of writing, Brightcom shares were trading at ₹12.25 per share.
NSE stated that Brightcom Group Limited failed to comply with Regulation 33 (Submission of Financial Results) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for two consecutive quarters ending on September 30, 2023, and December 31, 2023. Consequently, trading in Brightcom Group shares will be suspended starting June 14, 2024.
In February, the Securities and Exchange Board of India (SEBI) refused to lift market restrictions on Suresh Kumar Reddy, promoter of Brightcom Group, due to irregularities in the company’s preferential share allotments.
SEBI’s confirmatory order also barred Reddy from holding positions as a director or Key Managerial Personnel in any listed company or its subsidiaries.
SEBI found that Brightcom Group had funded its own preferential allotments and engaged in round-tripping of funds, maintaining these findings in their order. Additionally, 22 entities are prohibited from disposing of their shares in Brightcom Group.
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