The Securities and Exchange Board of India (SEBI) has approved a settlement order against three executives of Brightcom Group in a probe related to financial, accounting and regulatory irregularities in the Hyderabad-based company.
The case involves alleged misstatements and irregularities in the financial statements of the company during the financial years 2014-15 to 2019-20.
SEBI had initiated an investigation into the company’s affairs after receiving complaints between October 2020 and March 2021 alleging these irregularities.
Settlement order
The order came in the wake of applications for settlement from K Jayalakshmi Kumari (who was a member of the audit committee during the investigation period and continued as a Non-Executive and Independent Director; K Anusha (who served as Company Secretary & Compliance Officer); and V Sri Lakshmi (who served as Company Secretary and Compliance Officer).
They proposed to settle the proceedings without admitting or denying the findings of fact and conclusions of law.
While K Anusha was asked to pay ₹10.72 lakh, V Sri Lakshmi’s settlement amount was fixed at ₹12.35 lakh, followed by K Jayalakshmi Kumari with ₹12.35 lakh. While the first two were asked to stay away from engaging with the company for one year, the latter was asked to stay away for two years.
The settlement amounts were subsequently paid by the applicants over the last few weeks.