Leadership Transition at Brightcom: MD Suresh Reddy and CFO Narayana Raju Step Down from Roles

Brightcom Grop shares fell over 5% on the NSE in Monday’s trade following the adoptions of Suresh Reddy and Narayana Raju as Chairman & Managing Director( CMD) and Chief Financial Officer, independently of Brightcom Group. 

The company board has also proposed a transition in its leadership  platoon and approved the  inception of a hunt for a CEO and CFO, the company informed the exchanges.  The stock has fallen over 19 in the last four trading sessions.

The adoptions come following the Enforcement Directorate( ED) raids at the   services of Brightcom Group, as well as at the  places of Reddy and Raju in The inquiry by the ED revealed that Brightcom Group violated  vittles of  the Foreign Exchange Management Act( FEMA).  

“ It was revealed that Brightcom itself financed the preferential issues by  round- tripping  finances through accessories and conduit  realities; that  Brightcom falsely claimed to have  entered full payment for preferential  shares/  clearances by  furnishing ‘ forged and fabricated bank statements ’ to SEBI, ”  the ED said.  farther,  further than Rs 300 crore was advanced as loans to accessories were   incompletely siphoned off or remained unaccounted. 

During the hunt operations,  colorful  indicting documents and digital   bias were recovered and seized, including unaccounted cash of Rs3.30  crore and gold jewellery and bullion worth Rs9.30 crore from the  hearthstone of  Rao.  before this month, Sebi passed a alternate interim order against Brightcom  Group, restraining Reddy and Raju from holding any  managerial positions, and  also barred them from the securities  request until  farther notice.  

Following an  disquisition, the restraining order revealed that the  officers  were involved in the round- tripping of the company’s  finances to portray the  damage of proceeds through preferential allotment of shares falsely.  The  quests by the ED came a day before the board meeting of the company  to address the counteraccusations  of the interim order and the course of action. 

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