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Brightcom Group CMD Suresh Reddy and CFO Narayan Raju have resigned. The company made this announcement in an exchange filing. The latest development follows an interim order by market regulator Securities and Exchange Board of India (Sebi) last week that Reddy and Raju should be barred from holding key managerial positions in any listed entity.
The decision was approved in the meeting of the board of directors of the company held on Sunday. In addition to accepting the resignations, the board also approved the search for a CEO and CFO to continue essential operations.
The company said in its stock exchange filing, “Resignation of Shri Suresh Reddy serving as Chairman and CMD of the Company has been received and accepted. The resignation letter from Mr. Narayan Raju, who has taken over as the Chief Financial Officer (CFO) of the Company, has been received and accepted.
There are no buyers on stock available at less than half price
Brightcom Group shares tumbled due to SEBI’s crackdown and action and subsequent ED raids. Today, the stock has fallen over 5 percent to Rs 19.80. There is a lower circuit because there are no buyers. The stock, facing a lower circuit, has fallen more than 19 percent in the past five days. Share Rs. It has fallen to less than half of its 52-week high of 44.45. The stock, which has fallen over 32 percent so far this year, has returned 1012 percent in the last 5 years. As on 31 August 2018, the share was Rs. was 1.78.