New Delhi : Two former officials of Brightcom Group Ltd (BGL) on Tuesday settled a case of flouting regulatory norms with markets regulator Sebi after paying Rs 12.35 lakh each.As part of the settlement terms, M Manohar agreed not to associate with BGL or its group companies for one year, while Vijaya Bhasker Reddy agreed to a two-year non-association period.

Sebi, in its show cause notice, alleged that Manohar, then compliance officer of BGL, failed to disclose the initiation of a forensic audit and did not ensure correct disclosure of the company's shareholding pattern to stock exchanges.Reddy, who served as a non-executive independent director and a member of the audit committee, was accused of not ensuring that the company's financial statements were accurate and in compliance with a

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