There is big news in the Briton Group (BGL) case. SEBI has approved the settlement application of three people associated with the case. These include former member of the audit committee, Dr. Jayalakshmi Kumari, K Anusha and former Compliance Officer V Sri Lakshmi. According to the Settlement Order, during the investigation, Jayalakshmi Kumari failed to ensure that BGL’s published financial statements should be according to the accounting standards. She also failed to present a true and fair picture of matters related to the company.
Do not have any connection with BGL for 1-2 years
The settlement of Jayalakshmi Kumari’s case has been done for Rs 12.35 lakh. Sebi Had from them Bgl And it has not been asked to have any relations for 2 years with companies/persons related to it. These include jobs, consultancy, some other type of professional role or business relationship. The settlement of the case of Anusha has been done for Rs 10.73 lakh. According to SEBI’s Settlement Order, Anusha failed to ensure that the stock exchanges should be given the correct information of quarterly shareholding patterns while being a compliance officer. According to the conditions of the settlement, they have been asked to have no relations with BGL and any company/individuals for one year.
Former company officials did not fulfill their responsibilities
SEBI has alleged that V Shri Laxmi released a fake and misleading press release on April 10, 2018 regarding the appointment of International Auditor. Apart from this, she also failed to ensure that the stock exchanges should be given the correct information about the quarterly shareholding pattern during her being a compliance officer. Shri Lakshmi has settled the case with SEBI, for which she has made a payment of Rs 12.35 lakh. He has been asked not to have any connection with BGL and its associated company or person for two years.
SEBI had received many complaints about BGL
It is worth noting that SEBI had received several complaints about BGL between October 2020 and March 2021. These included complaints of Mistatments and disturbances in BGL’s financial statements. After this, SEBI started investigating the period between financial year 2014-15 to 2019-20. After the investigation was completed, SEBI issued a ‘show cause notice’ to the three people mentioned above. Now the matter has been settled after the three settled the case.
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Regulator imposed a penalty of Rs 10 crore on BGL
SEBI imposed a penalty of Rs 34 crore on BGL, promoters and others in February this year. The market regulator imposed a penalty of Rs 15 crore on the company’s then chairman and MD M Suresh Kumar Reddy and Hole Time Director Vijay Kancharla. A penalt of Rs 4 crore was imposed on BGL and its two CFOs.
