Brightcom Group Limited has informed the Exchange that Record date for the purpose of Meeting is 23-Apr-2025.
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Brightcom Group has called an Extraordinary General Meeting (EGM) on April 30, 2025 (via video conferencing), with the record/cut-off date set as April 23, 2025. The key proposal is a capital reduction of 6,00,000 equity shares (face value INR 2 each) to reconcile the discrepancy between the company's issued capital and its listed capital, requiring a payout of INR 46.20 lakhs (INR 7.70 per share) plus 15% simple interest per annum, subject to NCLT approval. Shareholders will also vote on ratifying the appointment of Mr. Shrikant Gehlot as Independent Director for five years (from January 16, 2025). Further resolutions include appointing Mr. M. Suresh Kumar Reddy as Whole-Time Director/CEO for five years and Mr. S.L. Narayana Raju as the new Chief Financial Officer. E-voting will be conducted via CDSL from April 27 to April 29, 2025.
The capital reduction is essentially a cleanup of unlisted/orphan shares and is not expected to materially affect existing shareholders' value, but it does involve a cash outflow of around INR 46.20 lakhs plus interest. The new CEO and CFO appointments point to a leadership refresh, and shareholders holding shares as of April 23, 2025 should review the resolutions and exercise their e-voting rights before April 29, 2025.