Brightcom Group, whose shares have been suspended from trading for nearly 7 months, has announced an updated timeline for the revocation of its trading suspension.
Previously, the company had stated in a disclosure last month that trading would resume on or before December 14, 2024. However, this timeline has been extended, with the company now projecting that the process is “highly unlikely” to go beyond January 2025.
In its latest update, Brightcom Group outlined significant progress in meeting regulatory compliance requirements as part of its efforts to lift the trading suspension. The company reported successful adherence to certificate compliance mandates under the Structured Digital Database (SDD) guidelines. Additionally, it resolved all pending Standard Operating Procedure (SOP) penalties, including those related to Regulation 34 for FY23.
Key compliance achievements include the uploading of the Annual Report for FY24 in line with Regulation 34 and meeting Regulation 23(9) requirements for related party transactions during FY24. Brightcom also addressed auditor qualifications by publishing its audited FY24 results, accompanied by a Statement of Impact.
The company is actively working with stock exchanges to confirm its compliance status and finalise the next steps. These include scheduled site visits and notifications regarding the removal of the trading suspension.
In addition to compliance milestones, Brightcom has taken significant steps to enhance its governance framework. On January 16, 2025, the company achieved compliance with Regulation 17 by appointing Mrfz Shrikant Ghelot as an independent director.
Governance improvements have also extended to its subsidiaries, with the appointment of Mr. P.V.S. Rao to the boards of Online Media Solutions (Israel) and Frontier Data Management Inc. (US), as well as Mr P. Leo Ganesan to Dream Ad (Argentina).
Brightcom has initiated processes for its FY24 Annual General Meeting (AGM), with the AGM notice already uploaded. These governance initiatives underscore the company’s dedication to aligning its operations with regulatory standards and enhancing oversight at both the corporate and subsidiary levels.
Brightcom Group remains optimistic about achieving trading resumption shortly. By addressing compliance gaps, resolving regulatory penalties, and strengthening governance practices, the company has demonstrated a focused and proactive approach to restoring normal trading activity.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their research and assessments to form an independent opinion about investment decisions.
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Published on: Jan 24, 2025, 3:07 PM IST
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