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The Securities and Exchange Board of India (SEBI) on Tuesday approved a settlement with two former independent directors of Brightcom. The settlement amount of ₹12.35 lakh has been approved for M. Manohar and Vijaya Bhaskar Reddy. Manohar served as the Compliance Officer at Brightcom, while Reddy was a Non-Executive Independent Director and a member of the company’s Audit Committee.
A settlement application with SEBI allows applicants to resolve regulatory proceedings without admitting or denying the regulator's findings.
SEBI’s investigation found that Manohar failed to disclose the initiation of a forensic audit and did not ensure correct disclosure of the company’s shareholding pattern during his tenure as Compliance Officer.
According to SEBI, Reddy, as an independent director and audit committee member, failed to ensure that Brightcom’s published financial statements complied with accounting standards and presented a true and fair view of the company’s affairs.
The regulator had earlier determined that between 2014-15 and 2019-20, Brightcom committed multiple accounting and disclosure violations.
Prior to this settlement, in February 2025, SEBI imposed cumulative fines of ₹34 crore on the company, its promoters, and senior management for misrepresenting Brightcom’s financials.
