3 Brightcom officials settle SEBI's fincl misstatement probe for INR 3.5 mln
This story was originally published at 20:45 IST on 11 June 2025
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MUMBAI – Two former company secretaries and an independent director of Brightcom Group Ltd. have paid the Securities and Exchange Board of India INR 3.54 million to settle a probe into alleged misstatements and irregularities in the company's financial statements. SEBI issued a settlement order Wednesday in this regard.
The markets regulator said it had started an investigation into the affairs of the company for the period from the financial year 2014-15 (Apr-Mar) to FY20 following "certain complaints" received between October 2020 and March 2021.
SEBI alleged that K. Jayalakshmi Kumari, non-executive and independent director from May 2016, was a member of the company's audit committee and had failed to ensure that Brightcom Group's published financial statements were in accordance with applicable accounting standards and presented a true and fair view of the company's affairs.
V. Sri Lakshmi, company secretary and compliance officer from September 2015 to July 2019, allegedly issued a false and misleading press release on Apr. 10, 2018, with respect to the appointment of the internal auditor, the order said. Both Sri Lakshmi and K. Anusha, who was company secretary and compliance officer from May 2014 to September 2015, allegedly failed to ensure correct disclosure of quarterly shareholding patterns to the stock exchanges during their respective tenures.
The officials proposed to SEBI to settle the proceedings, without admitting or denying the findings of fact and conclusions of law, through a settlement order. According to SEBI's settlement terms, Sri Lakshmi and Jayalakshmi settled the proceedings for INR 1.24 million each. The market regulator also directed Sri Lakshmi not to associate with Brightcom Group or its affiliates for a period of one year. It also directed Kumari not to associate with the group for a period of two years.
Meanwhile, Anusha settled the market regulator's proceedings by paying a penalty of INR 1.07 million. SEBI also asked her not to to associate with the company or its associates for a period of one year. "This settlement order shall come into force with immediate effect," SEBI said.
Reported by Gopika Balasubramanium
Edited by Rajeev Pai
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