Please find enclosed the Monitoring Agency Report
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Crisil Ratings Limited has issued a Qualified Monitoring Agency Report for Shlokka Dyes Limited's IPO proceeds utilization covering Q3 FY26 (Dec 2025) and Q4 FY26 (Mar 2026). The monitoring agency found significant deviations: Rs. 2,179 lakhs were transferred from the company's escrow and current accounts to Panth Infinity Limited, Gromo Trading Private Limited, IFSL, and Mr. Vatsal Joshi without board authorization or supporting documents. Rs. 2,079 lakhs has been recovered so far, with Rs. 100 lakhs still outstanding. Additionally, Rs. 367 lakhs was paid to Somani Ventures (not the disclosed lead manager IFSL) for fees. Working capital utilization exceeded allocation by Rs. 1,256.83 lakhs. The company filed complaints with Economic Offences Wing and SEBI regarding the unauthorized transfers. Rs. 5,389.69 lakhs of Rs. 5,778.86 lakhs gross proceeds have been utilized as of March 2026.
This is a serious red flag for investors. Unauthorized transfers of IPO funds to third parties without board approval, combined with deviations from disclosed use of proceeds and failure to obtain shareholder approval, indicate significant governance failures. The company has filed police and regulatory complaints, and substantial recovery has been made, but Rs. 100 lakhs remains outstanding.