Brightcom Group’s Director, 2 Top Officials Pay Rs35.42 Lakh To Settle Disclosure Norm Violations Case with SEBI

Moneylife Digital Team 12 June 2025

Investor Interest

Three officials of Brightcom Group Ltd (BGL), K Anusha, V Sri Lakshmi and Dr K Jayalakshmi Kumari, have paid Rs35.42 lakh to settle a case with market regulator Securities and Exchange Board of India (SEBI) about misstatements and irregularities in BGL’s financial statements during the FY14-15 to FY19-20.

SEBI initiated an investigation into BGL following complaints received between October 2020 and March 2021 which alleged irregularities in the company’s financial disclosures. Based on the findings, a show-cause notice (SCN) was issued on 3 September 2024 to multiple individuals, including the three applicants. The charges noted in the SCN included non-compliance with accounting standards, failure to ensure accurate shareholding disclosures and the issuance of misleading public statements.

Dr Kumari, who served as a non-executive and independent director and was a member of the audit committee during the investigation period, was found to have failed in her responsibility to ensure that BGL’s financial statements reflected a true and fair view.

Ms Sri Lakshmi, who held the position of company secretary and compliance officer between 2015 and 2019, was charged with issuing a false press release regarding the appointment of an internal auditor and failing to ensure correct disclosure of the company’s shareholding pattern. Ms Anusha, who held the same compliance role from 2014 to 2015, was similarly charged with failing to ensure accurate shareholding disclosures.

The three individuals filed separate settlement applications under SEBI’s Settlement Regulations, 2018, seeking to resolve the proceedings without admitting or denying the findings. After reviewing the applications and revised terms proposed by the applicants, SEBI’s high-powered advisory committee (HPAC) recommended a settlement, which was accepted by the panel of whole-time members (WTMs) on 25 April 2025.

As part of the settlement, Ms Anusha and Ms Sri Lakshmi paid Rs10.72 lakh and Rs12.35 lakh, respectively and also agreed to refrain from associating with BGL or its affiliates in any professional or business capacity for a period of one year. Dr Kumari paid Rs12.35 lakh and agreed to a two-year dis-association from BGL and its affiliates.

The settlement payments were received by SEBI between 31 May and 6 June 2025. With the acceptance of these payments, SEBI has disposed of the proceedings initiated through the September 2024 SCN against the three.

However, SEBI says it retains the right to initiate enforcement actions in case any representation made during the settlement process is found to be untrue or if any terms of the settlement are breached by the applicants.

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