sebi:WTM/ASB/CFID/CFID_4/30052/2023-24
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Facts / Headnote
Interim directions confirmed against BGL (Noticee 1), M. Suresh Kumar Reddy (Noticee 2) and Noticees 4-9 and 12-23; direction against Narayan Raju (Noticee 3) modified to apply only to BGL and its subsidiaries; directions against Kishan Prakash (Noticee 10) and Ishan Prakash (Noticee 11) revoked with shares to remain frozen in demat account of Dr. Varadarajan Prakash; plea of Shankar Sharma (Noticee 25) for vacation accepted for now pending source-of-funds investigation.
Provisions invoked
- s. 19
- s. 12A
- s. 67
- s. 24
- s. 67(2)
- s. 139
- s. 141(3)
Regulations
- Reg. 3(a)
- Reg. 167
- Reg. 160
- Reg. 36(5)
Holding
The Whole Time Member confirmed the interim restraints against BGL, its promoter-cum-CMD and the preferential allottees who received shares without full consideration, while narrowing the CFO's debarment to BGL and its subsidiaries and revoking/vacating directions for the minor allottees and Shankar Sharma subject to continued investigation and share freeze.
Full text
__________________________________________________________________________ Confirmatory Order in the matter of Brightcom Group Ltd. Page 2 of 40
__________________________________________________________________________ Confirmatory Order in the matter of Brightcom Group Ltd. Page 3 of 40
__________________________________________________________________________ Confirmatory Order in the matter of Brightcom Group Ltd. Page 4 of 40
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Source: SecMarx — sebi:WTM/ASB/CFID/CFID_4/30052/2023-24. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.