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Mumbai: The Securities and Exchange Board of India (Sebi) has barred Brightcom Group’s chairman Suresh K Reddy from dealing in the securities market and from holding the position of a director in any listed company for allegedly siphoning off of proceeds of preferential allotments. The regulator has also prohibited market veteran Shankar Sharma and 21 other entities and individuals from disposing off shares of the company until further order.
Sebi has directed the company to place its interim order before its board of directors within seven days.
The regulator has also restrained the company’s chief financial officer Narayan Raju from holding director posts in any listed company.
“The prima facie observations and findings..clearly show the manipulations carried out by BGL (Brightcom Group) and other noticees, in respect of BGL’s preferential allotments, which inter alia involve fictitious receipts of share application money from allottees and siphoning of funds from BGL,” Sebi’s whole-time member Ashwani Bhatia said in his order on Tuesday.
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