Brightcom Group Limited announces resignation of Chairman and MD, CFO

The Board Directors of Brightcom Group Limited, have considered and approved the below:

Resignations:

- Received and acknowledged resignation letters from Mr. Suresh Reddy, who was serving as the Chairman & Managing Director (CMD) of the company.

- Received and acknowledged resignation letters from Mr. Narayana Raju, who held the position of Chief Financial Officer (CFO) of the company.

Leadership Transition:

- A Transition Leadership Team was proposed, with the responsibility of overseeing the leadership transition process.

- The Board also approved the commencement of a search for an CEO and an CFO to ensure the smooth continuation of essential operations.

Internal Communication:

- It was decided to promptly inform the company's staff about the upcoming leadership changes. Transparent and clear communication will be maintained throughout this transition period to ensure minimal disruption to daily operations.

External Communication:

- A press release will be prepared and issued to inform the public, stakeholders, and investors about the departure of the Chairman & Managing Director /CEO and CFO in alignment with SEBI's interim order. The communication will be truthful, professional, and consistent with the company's values.

The Board acknowledged the need for regulatory compliance. Steps will be taken to engage with relevant regulatory bodies and ensure compliance with all applicable regulations during this transition period.

Shares of Brightcom Group Limited was last trading in BSE at Rs. 20.75 as compared to the previous close of Rs. 21.84. The total number of shares traded during the day was 2044498 in over 1635 trades.

The stock hit an intraday high of Rs. 20.75 and intraday low of 20.75. The net turnover during the day was Rs. 42423333.00.

Source : Equity Bulls

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BrightcomGroup INE425B01027 BCG Resignation MD CFO