A SEBI order calling for a forensic audit has sparked concerns about the digital advertising solutions firm’s business practices.
On 28 February, Hyderabad-based digital marketing solutions company Brightcom Group made a startling revelation. It said it had received a notice from the Securities and Exchange Board of India five months ago, intimating it of a forensic audit of its books. SEBI’s notice was received on 16 September 2021, a day before the company announced that it was going to raise over Rs 500 crore through a preferential allotment of warrants.
Starting June 2021, until the day the company made the disclosure to stock exchanges, Brightcom’s shares performed spectacularly even as investors were in the dark about the SEBI order. …
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, Londo