The Hyderabad-based digital marketing solutions company remains cagey about sharing information on the ‘missing’ promoter shares, a clear violation of the regulator's rules.
Brightcom promoter Suresh Reddy is getting away with murder and the Securities and Exchange Board of India couldn’t be bothered.
In April, it became evident that 19 crore shares held by Reddy and other promoters of the Hyderabad-based digital marketing solutions company had gone “missing” from the shareholding pattern shared with stock exchanges.
Whenever promoters sell or transfer shares, they have to intimate stock exchanges under insider trading rules. There was no communication to this effect to the exchanges from Brightcom in the January to March quarter this year, despite over 17% of the promoter holding changing hands. We wrote …
Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.
Executive Editor
surendar@mailtmc.com
Mumbai