Brightcom CMD and CFO resign following SEBI’s Order
Brightcom announced the resignation of Chairman & Managing Director Suresh Reddy with effect from 27th August 2023. The company’s Chief Financial Officer Narayana Raju has also resigned from his post.
This is following SEBI’s order that bars Suresh Kumar Reddy, the company’s promoter-cum-chairman and MD, as well as CFO Naryan Raju, from continuing in their positions till further notice. The capital markets regulator the Securities and Exchange Board of India (SEBI) detected flaws in Brightcom Group Limited’s (BGL) preferential share offering in an interim order. A transition leadership team has been proposed by the board to choose new leaders. It has also authorised a search for a new CEO and CFO.