Two former officials, an independent director and a member of the audit committee and the compliance officer of Brightcom Group Ltd (BGL) have settled regulatory proceedings initiated by the market regulator, the Securities and Exchange Board of India (SEBI), after agreeing to pay a combined settlement amount of ₹24.70 lakh. As part of the settlement, M Vijaya Bhasker Reddy, independent director and audit committee member of BGL accepted a two-year non-association period with the company, while ex-compliance officer M Manohar agreed not to associate with BGL or any of its group entities for one year. The settlement brings closure to allegations against the two former officials of BGL relating to misstatements and irregularities in the company’s financial statements over several years

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