BSE, NSE to droop buying and selling of Brightcom Group’s inventory from June 14 | Information on Markets

The corporate had issued warrants or shares on a preferential foundation on 4 events and raised Rs 867.78 crore from a complete of 82 allottees.

Main inventory exchanges BSE and NSE will droop buying and selling in Brightcom Group Ltd from June 14 after the agency did not disclose the monetary outcomes for 2 consecutive quarters that resulted in September and December 2023.

In two separate circulars, the exchanges mentioned Brightcom Group has not complied with Regulation 33 of Sebi’s (Itemizing Obligations and Disclosure Necessities) norms that offers with submission of economic outcomes for 2 consecutive quarters, i.e. September 30, 2023 and December 31, 2023.

Therefore, the buying and selling in securities of Brightcom Group Ltd shall be suspended with impact from June 14, 2024, the exchanges added.

The suspension will proceed until such time the corporate complies with the norms. After 15 days of suspension, buying and selling within the shares of non-compliant firm could be allowed on a trade-for-trade foundation in (Z class) on the primary buying and selling day of each week for six months.

As per the BSE, freezing of the whole shareholding of the promoter within the non-compliant listed entity in addition to all different securities held within the demat account(s) of the promoter will stay frozen through the interval of suspension.

Nonetheless, buying and selling is not going to be suspended in case the corporate complies with Sebi’s LODR guidelines by June 11, the BSE mentioned.

As of December 2023, promoters held 18.38 per cent stake within the firm and the general public owned the remaining 81.62 per cent stake, shareholding knowledge with the exchanges confirmed.

Ace investor Shankar Sharma held about 1.14 per cent stake in Brightcom Group on the finish of the December quarter.

Brightcom Group was below the scanner of markets regulator Sebi for alleged irregularities in preferential allotments of shares by the corporate.

In February, the regulator refused to carry the securities market restriction imposed on Suresh Kumar Reddy, promoter of Brightcom Group Ltd, within the case.

In its main facie findings, Sebi famous that Brightcom Group Ltd had funded its personal preferential allotments and had indulged in spherical tripping of funds proceed to maintain.

The corporate made preferential allotment of shares in monetary years 2019-20 and 2020-21.

The corporate had issued warrants or shares on a preferential foundation on 4 events and raised Rs 867.78 crore from a complete of 82 allottees.

First Revealed: Could 15 2024 | 10:33 PM IST