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Brightcom files fresh plea with SAT
Mint Mumbai
|December 27, 2023
Brightcom Group Ltd has filed a fresh application before the Securities Appellate Tribunal seeking a stay on the market regulator's order restraining ace investor Shankar Sharma and others from selling shares in the digital marketing company.
The Securities and Exchange Board of India (Sebi) had in August restrained Brightcom's then chairman and managing director Suresh Kumar Reddy and chief financial officer Narayan Raju from holding directorial positions following an investigation into alleged irregularities in preferential allotment of shares.
Brightcom in its petition said the allegations made in Sebi's order were "baseless and completely unfounded". The company added that its turnover was expected to substantially deteriorate in the September and December quarters as a result of Sebi's actions.
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