SEBI restricts Nirman Agri Genetics after 93% IPO funds diverted

This order confirms interim restrictions on Nirman Agri Genetics Limited and its Managing Director, Pranav Kailas Bagal, following SEBI's preliminary findings that approximately 93% of the company's IPO proceeds were diverted through fictitious entities. SEBI determined that the company's arguments for lifting these restrictions were unsubstantiated and that maintaining the restraints is necessary to protect investors.

Nirman Agri Genetics Limited (Noticee No. 1) and Pranav Kailas Bagal (Noticee No. 2)

• SEBI confirmed the interim direction restraining Nirman Agri Genetics Limited from accessing the securities market in any manner.
• SEBI confirmed the direction halting corporate actions, including bonus issues, stock splits, and proposed company name changes.
• SEBI confirmed the direction restraining Pranav Kailas Bagal from buying, selling, or dealing in the company's shares directly or indirectly.
• SEBI noted that the noticees failed to provide written submissions or supporting documents to rebut the prima facie findings of fund diversion.
• The directions take effect immediately and remain in force until further orders.
• SEBI stated that the observations are tentative pending a detailed investigation.

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