2025-03-11 03:00:43
Latest Post
NTPC Group to Invest Rs 96,000 Crore in Chhattisgarh
Arvind Fashions aims to expand its CLUB A stores across India
Somany Ceramics Elevates Luxury with the launch of Duragres 2025 Collection
Cosmo Films Bags SIES SOP Star Awards 2025 for Innovative Packaging Materials
Zaggle Prepaid Ocean Services Ltd receives 'Financial Institution of the Year' Award
Stock Report
Brightcom Group shares nosedive after SEBI appoints forensic auditor
Posted On : 2022-03-03 12:31:27( TIMEZONE : IST )
The equity shares of Brightcom Group Ltd (BCG) has been on a downward spiral ever since SEBI announced the appointment of Deloitte Touche Tohmatsu India LLP as forensic auditor w.r.t the financial statements of BCG for the financial years FY 2014-15 to FY 2019-20 to assist the investigating authority.
Interestingly, the SEBI notice was dated September 16, 2021 and was submitted by SEBI directly to the stock exchanges only on February 28, 2022. The company didn't submit the notice or gave any notification to the stock exchanges on time where its equity shares are listed.
SEBI has said the scope of the audit is to conduct forensic audit of the consolidated financial statements of the company for the above period with a special focus on impairment of assets. The forensic auditors are expected to verify manipulation of books of accounts of the company and its subsidiaries, misrepresentation including of consolidated financials and / or business operations and wrongful diversion / siphoning of company funds by promoters / directors / key managerial persons.
The above SEBI notice raises question on why the company didn't submit the notification to the stock exchanges as it had been dated Sep 16, 2021. The equity shares of the company have been on the rise for last several months with a 52 week low of Rs. 5.82 on May 5, 2021 and 52 week high of Rs. 204.80 that it hit on December 24, 2021. The stock has been on a downward spiral and lost nearly 47.50% after the stock hit its 52 week high of Rs. 204.80 in late December 2021.
In BSE, the equity shares are currently trading at Rs. 107.45, down by Rs. 5.65 or 5% from the previous close of Rs. 113.10 and locked in the lower circuit limit for the day with pending sell order for 6606427 equity shares. In NSE, the shares are currently locked at the lower circuit limit for the day at Rs. 108.20 with 1,78,45,622 equity shares pending for sale.
The company has issued a statement after the submission of SEBI notice directly to the exchanges in which it has clarified that the company has been working with the regulator SEBI since September 16, 2021. But, the key question is why the company failed to communicated this before itself.
