https://www.taxtmi.com/caselaws?id=294148 The case involved fraudulent funding of IPO applications to meet listing requirements and misappropriation of IPO proceeds. The company and connected entities were found to have funded IPO applicants and diverted IPO proceeds to reimburse the funding entities. The company failed to provide adequate documentation for fund utilization. As a result, the court directed the promoters to make a public offer, restrained the company from accessing the securities market for 8 years, and imposed restrictions on holding directorial positions and trading securities. The company faced compulsory delisting if public shareholding decreased. en-us Tue, 22 Dec 2020 00:00:00 +0530 Wed, 24 Mar 2021 09:08:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294148 The case involved fraudulent funding of IPO applications to meet listing requirements and misappropriation of IPO proceeds. The company and connected entities were found to have funded IPO applicants and diverted IPO proceeds to reimburse the funding entities. The company failed to provide adequate documentation for fund utilization. As a result, the court directed the promoters to make a public offer, restrained the company from accessing the securities market for 8 years, and imposed restrictions on holding directorial positions and trading securities. The company faced compulsory delisting if public shareholding decreased. Case-Laws SEBI Tue, 22 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294148