It had earlier mentioned that it is confident of its trading suspension being revoked by the BSE and the NSE “well before” December 14, 2024.
“The focus remains on making sure full trading resumes as quickly as possible,” the Brightcom Group said in its weekly update.
Brightcom Group shares have been suspended for regular trading for over five months now, leaving over 6.5 lakh small shareholders in the lurch. They only trade in the trade-for-trade segment and are categorized in the ‘Z’ group of stocks, where trading takes place only on the first trading day of the week.
The weekly update also mentioned that the Group’s appeal at the Securities Appellate Tribunal (SAT) will be heard on December 4. Earlier this year, the SAT had dismissed Brightcom Group’s appeal against the order issued by market regulator Securities and Exchange Board of India (SEBI), which barred former Chairman PS Reddy and CFO Narayan Raju from holding key managerial positions.
The recent hearing addressed the specific regulatory orders related to asset impairment and preferential issues, not the broader compliance or revocation process.
Brightcom Group also recently conducted its Annual General Meeting (AGM), where it said all the proposals were passed and also conducted an investor call, the transcript for which will also be shared to the exchanges.
During the January-March quarter of financial year 2024, Brightcom Group’s revenue fell to ₹704 crore from ₹1,367 crore during the same quarter last year, but increased from the ₹453 crore it reported in the October-December period.
It also reported a net profit of ₹37.45 crore, according to its P&L statement, compared to a loss of ₹24 crore in the previous quarter.
