Brightcom Group and Shareholders Challenge BSE Trade Suspension Delay

Brightcom Group Limited, in association with its shareholders, has taken legal steps to address the ongoing trade suspension on its stock by the Bombay Stock Exchange (BSE).

Details of the Legal Action Taken by Brightcom Group

In light of the delays caused by BSE, Brightcom Group Limited has decided to file an implead petition before the Hon’ble Telangana High Court, seeking to join as a co-petitioner in Writ Petition.

This petition challenges the extended inaction of BSE in lifting the trade suspension, despite meeting all regulatory requirements.

The trade suspension has rendered the company’s shares illiquid, trapping shareholders’ investments and causing significant financial and emotional distress, the company said in a press release on the stock exchanges.

By joining the petition, Brightcom Group Limited aims to expedite the resolution process and advocate for its shareholders’ rights.

Brightcom Group Provides Weekly Update on Trade Suspension

Brightcom Group Ltd., whose shares have been suspended from regular trading for over nine months now, shared a weekly update with the exchanges on Sunday, March 23. However, the update did not provide a clear timeline for when the suspension will be lifted.

Previously, the company had stated that its trade suspension would be revoked by the end of January, which was a shift from the earlier deadline of December 14, 2024.

The suspension of Brightcom Group’s shares from regular trading began in June 2024 after the company failed to comply with the National Stock Exchange (NSE) master circular.

For nearly 2 years, the Hyderabad-based company has been under the scrutiny of the Securities and Exchange Board of India (SEBI), facing investigations related to violations of listing regulations, failure to disclose certain information, and other regulatory issues.

Despite the challenges, Brightcom Group continues to work on resolving the matter and is actively engaging in legal proceedings to expedite the lifting of the suspension.

Conclusion

Brightcom Group Ltd. and its shareholders are taking legal action to address the ongoing trade suspension by BSE. The company continues to seek a resolution to the matter.

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