Brightcom Group CMD M. Suresh Reddy and CFO S. L. Narayana Raju have resigned from their post, the company said following a board meeting on Sunday.
Their resignation follows the Securities and Exchange Board of India (SEBI) in an interim order on August 22 barring both from holding any position of a director or key managerial personnel in any listed company or its subsidiaries until further orders. The regulator had passed the interim order after investigations prima facie, following complaints, indicated irregularities in preferential allotments by Brightcom Group.
An investigation by the regulator earlier had found instances of “accounting irregularities mis-statements in the financial statements of the company”.
