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Bad news for Brightcom Group investors. Markets regulator SEBI has issued another interim order against the company. SEBI has barred Suresh Kumar Reddy and Narayan Raju from holding any directorship till further notice. Suresh Kumar Reddy was the promoter as well as MD and Chairman of Brightcom Group. At the same time, Narayan Raju was the chief financial officer of the company.
Fully subscribed as soon as the IPO opened, GMP disappointed investors
Veteran investor Shankar Sharma is also being prosecuted
Apart from this, SEBI banned these two officials from entering the securities market till further notice. It has barred veteran investor Shankar Sharma and 21 others from disposing of shares in the company till further notice. All these people face serious charges of financial malpractice.
What SEBI has in its mandate
In the interim order, SEBI member Ashwini Bhatia said, “Brightcom Group wanted to hide its mistakes by providing false bank statements.” Sebi has said that such a move raises many questions about the company. Financial statements and other disclosures issued by the company are in doubt.
The company is giving 1 share bonus on 1 share, announced on record date
what is the matter
Sebi said the company had issued false bank statements in June. For which Reddy and Raju are responsible. Because then these people were in responsible positions. Let us tell you that in October last year, SEBI received a complaint regarding funds raised by the company during FY19 to FY21.