National Stock Exchange, in a circular dated May 14, said that trading in the shares of Brightcom Group will be suspended from June 14, till the time the company does not comply with the Master Circular.
"After 15 days of suspension, trading in the securities of non-compliant Company would be allowed on Trade for Trade basis in (Z category) on the first trading day of every week for six months," the circular said.
On May 15 at 11 am, Brightcom shares hit lower circuit and were trading at Rs 12.25 apiece.
"Brightcom Group Limited has not complied with requirement of Regulation 33 (i.e. Submission of Financial Results) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) for two consecutive quarters’ i.e. September 30, 2023 and December 31, 2023. Hence, the trading in securities of Brightcom Group Limited shall be suspended w.e.f. June 14, 2024," said NSE in a circular.
In February, the Securities and Exchange Board of India (Sebi)refused to lift the securities market restriction imposed on Suresh Kumar Reddy, promoter of Brightcom Group, in a case concerning irregularities in preferential allotments of shares made by the company.
Besides, he would continue to be restrained from holding the position of a director or a Key Managerial Personnel in any listed company or its subsidiaries, Sebi had said in its confirmatory order.
In its order, the capital market regulator had noted that the prima facie findings that Brightcom Group had funded its own preferential allotments and had indulged in round tripping of funds continue to sustain.
In addition, 22 entities were prohibited from disposing of shares of Brightcom Group held by them.
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