Reversal of suspension of trading in Brightcom Group shares may proceed after Q1 25 results

Brightcom Group, whose shares are currently suspended from trading due to non-compliance, said in its “weekly update” that the process of reversing the trading suspension may proceed after announcing its results for the April-June quarter of the current financial year on Saturday. , 30 November 2024.

He had earlier stated that he was confident that the trading suspension would be canceled by BSE and NSE “well before” December 14, 2024.

“The focus remains on ensuring all trading resumes as quickly as possible,” Brightcom Group said in its weekly update. he said.

Brightcom Group shares have been suspended from regular trading for over five months, leaving more than 6.5 lakh small shareholders in a lurch. They trade only in the trade-for-trade segment and are classified in group ‘Z’ stocks where trading takes place only on the first trading day of the week.

The weekly update also stated that the Group’s appeal at the Securities Appellate Tribunal (SAT) will be heard on December 4. Earlier this year, SAT had rejected Brightcom Group’s appeal against the order issued by market regulator Securities and Exchange Board of India (SEBI). ) barred former Chairman PS Reddy and CFO Narayan Raju from holding key executive positions.

The latest hearing addressed specific regulatory orders related to asset impairment and preferential matters, not the broader compliance or repeal process.

Brightcom Group also recently held its Annual General Meeting (AGM) where it said all proposals were accepted and also held an investor call; The text of this will also be shared with the stock exchanges.

Brightcom Group’s revenue fell to ₹704 crore in the January-March quarter of fiscal 2024, from ₹1,367 crore in the same quarter last year, but increased from the ₹453 crore it reported in the October-December period.

It also reported a net profit of ₹37.45 crore compared to a loss of ₹24 crore in the previous quarter, as per its P&L statement.