It has reported that Hyderabad-based Brightcom Group Ltd (BGL) on Monday said the Securities and Exchange Board of India (Sebi) had ordered a forensic audit of books of accounts of the company on September 16, 2021.
However, the company released the letter to exchanges today (February 28) only. Also, the Sebi had appointed Deloitte Touche Tohmatsu India LLP as the forensic auditor, Brightcom said in a filing to BSE in September 2021.
The Sebi letter said, “Disclosure of financial information and business transactions dealt in a manner which may be detrimental to the interest of investors.”
According to Sebi, the auditors will look into the financial statements of Brightcom for the period of FY15-FY20.
Also, the auditor will verify the manipulation of books of accounts of the company and its subsidiaries, misrepresentation, including of consolidated financials and business operations, wrongful diversion or siphoning of company funds by promoters, directors and key managerial persons.
Brightcom Group is an Ad-Tech and software development company, actively engaged in providing technical and economical solutions to digital advertisement, marketing, and information management sectors through tech, new media, and IoT-based businesses across the globe, primarily in the digital ecosystem.
Brightcom Group is a leading global provider of comprehensive Ad-Tech online marketing services to direct marketers, brand advertisers, and marketing agencies. Brightcom has 25 office locations and has about 1700 employees and consultants worldwide.
Shares of Brightcom Group ended at Rs 119.05, up by Rs 0.80, or 0.68 percent on the BSE.
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