SEBI approves settlement with two former directors in Brightcom case
SEBI approved settlements with two former Brightcom directors, M. Manohar and Vijaya Bhaskar Reddy, for ₹12.35 lakh.Summary
The Securities and Exchange Board of India (SEBI) has approved settlements with two former independent directors of Brightcom – M. Manohar and Vijaya Bhaskar Reddy – for a combined amount of ₹12.35 lakh. Manohar, who served as Brightcom’s Compliance Officer, was found to have failed to disclose the initiation of a forensic audit and ensure accurate disclosure of the company’s shareholding pattern. Reddy, a Non-Executive Independent Director and Audit Committee member, allegedly failed to ensure the company’s financial statements adhered to accounting standards and accurately reflected its financial position.
These settlements allow the individuals to resolve regulatory proceedings without admitting or denying SEBI’s findings. SEBI’s investigation revealed multiple accounting and disclosure violations by Brightcom between 2014-15 and 2019-20.
Previously, in February 2025, SEBI had levied cumulative fines totaling ₹34 crore on Brightcom, its promoters, and senior management for misrepresenting the company’s financials. This settlement represents a further step in resolving the regulatory issues surrounding Brightcom’s financial reporting.
(Source：Cnbctv18)