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The Economic Times
The Economic Times
Akash Podishetti

IPO fund diversion: Sebi bars Varanium Cloud, promoter for 7 years from markets

SEBI IPO AVANCE NSE

Sebi has barred Varanium Cloud and its promoter-managing director Harshawardhan Hanmant Sabale from the securities market for seven years after finding that the company misled investors, inflated its financials and diverted IPO and rights issue proceeds.

The regulator also directed Varanium Cloud to bring back Rs 62.51 crore, along with 12% interest, into the company’s account within three months. Sebi said the amount had been diverted from IPO and rights issue proceeds.

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