The regulator also alleged that Nirmal Agri diverted Rs 6.75 crore of IPO proceeds through multiple layers to entities that are either linked to the promoter and his relatives or who directly gained from the diversion. (Source: Mohammed Uzair/NDTV Profit) Show Quick Read Summary is AI Generated. Newsroom Reviewed
The Securities and Exchange Board of India has banned SME-listed Nirman Agri Genetics Ltd. from accessing the securities market after alleged diversion of Initial Public Offering Funds. The regulator on Tuesday has also directed the company to pause all proposed corporate actions that include bonus issue, stock split and its name change to Agriicare Life Corp Ltd. until further orders.
The company in March 2023 raised Rs 20.30 crore through its IPO with First Overseas Capit