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The company is now “confident” that the revocation of the trading suspension will be completed within the month of January. “Every procedural requirement is being addressed with urgency and the management is confident of taking all necessary steps to avoid any delays from its side,” Brightcom Group said in its weekly update.
In an earlier disclosure last month, Brightcom Group had said that the trading suspension will be revoked on or before December 14.
However, the company has highlighted that while there are external factors involved in the trading suspension revocation, the company’s proactive approach and strong focus on its responsibilities makes it “highly unlikely” for the process to extend beyond January.
It said in its weekly update that the meeting with the BSE revocation committee members was “highly constructive” and focused on ensuring progress towards resolving the trading suspension.
“It was highlighted during the meeting that the main committee, responsible for granting the in-principle approval for the revocation of suspension, is tentatively scheduled to meet in the coming week. The meeting will be pivotal in determining the upcoming steps, including finalising the timeline for the upcoming mandatory site visit,” Brightcom Group’s weekly update stated.
Other Highlights From The Weekly Update:
- No other major compliance requirements pending from the company’s side apart from routine updates and reconciliations.
- Remaining tasks are procedural in nature.
- Board meet to adopt financial year 2024’s financials has been scheduled for January 10, 2025.
- Subsidiary-level reports are also being reviewed in detail to ensure compliance with applicable requirements.
Trading in shares of the Brightcom Group has been suspended for nearly seven months now, leaving more than 6.5 lakh small investors in the lurch. The stock only trades currently in the “Z” category or in the Trade-for-Trade segment, where trading only takes place during the first trading day of the week.
