Brightcom Group Financial Settlement: Former Officials Pay Up
Three former Brightcom Group officials, including two compliance officers and an independent director, settled a financial misstatement case with Sebi by paying Rs 35.4 lakh. The alleged irregularities occurred between 2014 and 2020. Settlements were made without admitting wrongdoing, and the order allows case reopening if necessary.
- Country:
- India
In a significant move, three former officials connected to Brightcom Group have settled a case concerning financial irregularities with the Securities and Exchange Board of India (Sebi). The officials agreed to pay a collective amount of Rs 35.4 lakh to resolve allegations that the company misrepresented its financial statements from 2014-15 to 2019-20.
The settlement came after former compliance officers K Anusha and V Sri Lakshmi, alongside independent director K Jayalakshmi Kumari, filed settlement applications. Sebi responded, agreeing to the settlement without any admission or denial of the purported findings by the involved parties. This agreement follows complaints submitted between October 2020 and March 2021.
Sebi's investigation revealed shortcomings among the officials, including failures related to financial disclosures and misleading communications. Going forward, Anusha is barred from associating with Brightcom or its affiliates for a year, while Jayalakshmi and Lakshmi face similar restrictions, lasting two years and one year, respectively. Sebi retains discretion to reopen the case if settlement terms are breached.
(With inputs from agencies.)
Google News