Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 - Receipt of SEBI Interim Order
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
SEBI has issued an interim order (dated May 14, 2025) against Varyaa Creations Ltd, its promoters, and Lead Manager Inventure Merchant Banking, alleging prima facie diversion of IPO proceeds. The company had raised ₹20.10 Crore via a fixed-price IPO on the BSE SME platform in April 2024 at ₹150 per share. SEBI found that over 70% of the proceeds (₹14 Crore) were transferred on the listing day to three unrelated entities — Maruti Corporation, Kaveri Corporation, and Overseas Metal and Alloys — on the Lead Manager's instructions, and then quickly withdrawn in cash, with no link to the disclosed purpose of funding an Agra showroom. SEBI noted a similar modus operandi in the Synoptics Technologies IPO. The company failed to respond to SEBI's queries in time.
Highly negative. Promoter shareholdings are frozen, the company is barred from accessing the securities market, the Lead Manager cannot take new assignments, and the planned ₹35 Crore rights issue is blocked. Stock is likely to face sharp selling pressure and heightened risk of further regulatory action or delisting.