Sharma Sharma portfolio stock has been hitting lower circuit for the last three straight sessions. Retail Brightcom Group shareholders have been offloading their stake in the company since Wednesday after SEBI issued an interim order on Tuesday after the market hours raising concerns over the found lapses in preferential issue of the company. In its interim order, regulator barred ace investor Shankar Sharma and 21 other individuals from offloading their shareholding in the company.

The Hyderabad headquartered digital marketing company immediately informed bourses about its position and vowed to ensure regular communication in regard to future developments. In line with its earlier exchange communication, the digital marketing company has informed Indian exchanges that the company’s board of directors meeting has been fixed on 27th August 2023 i.e. on Sunday to address the implications and courses of action in response to the interim order released by SEBI on August 22, 2023. The Shankar Sharma-backed company informed exchanges about the board meeting citing, “We are writing to inform you of an upcoming Board Meeting scheduled to discuss and deliberate upon the recent developments related to an interim order issued by the Securities and Exchange Board of India (SEBI). The meeting will be held on Sunday, August 27, 2023, at the registered office of our company.” Brightcom Group went on to add that the primary agenda of this meeting is to address the implications and courses of action in response to the interim order released by SEBI on August 22, 2023. Capital markets regulator Securities and Exchange Board of India (SEBI) said in an interim order on Tuesday, August 22, that it has found lapses in Brightcom Group Limited (BGL) preferential issue of shares. SEBI has barred Suresh Kumar Reddy – the promoter-cum-chairman and managing director of Brightcom Group, along with chief financial officer Narayan Raju from holding directorial posts until further notice. Reddy and Raju have also been restrained from the securities market until further notice. Market veteran Shankar Sharma and 21 other individuals and entities have also been prohibited from disposing off shares of the company until further notice. SEBI said that it found “manipulations” carried out by Brightcom in its preferential allotments, and restrained Reddy from buying, selling or dealing in securities. In the investigations, it was also found that the considerations received were minute against the shares allotted. A total of 82 entities have been allotted preferential shares. Shankar Sharma shareholding in Brightcom GroupAccording to shareholding pattern of Brightcom Group for April to June 2023 quarter, Shankar Sharma holds 2.30 crore company shares, which is 1.14 per cent of total paid up capital of the company.