SEBI probes Taurian MPS IPO over undisclosed liquidation and loan defaults

This order addresses SEBI's adjudication proceedings against Taurian MPS Ltd. and its directors regarding alleged inadequate disclosures in their Initial Public Offer (IPO) document, specifically concerning the status of promoter group entities and past loan defaults.

Who it concerns: Taurian MPS Limited, Mr. Yashvardhan Sumit Bajla, Ms. Puja Sumit Bajla, and Gretex Corporate Services Limited

What SEBI found or ordered

• SEBI alleged that Taurian MPS Ltd. failed to disclose that Taurian Iron and Steel Private Limited (TISPL) was under liquidation.
• SEBI alleged that an appropriate risk factor regarding a past loan default by Taurian Infrastructure Pvt. Ltd. (TIPL) was not disclosed in the offer document.
• SEBI alleged that Taurian Engineering Pvt. Ltd. (TEPL) was not correctly classified as part of the promoter group and its liquidation status was not disclosed.
• SEBI alleged that the directors (Noticees 2 and 3) violated regulations by signing declarations of compliance despite these alleged non-disclosures.
• The proceedings were initiated under Section 15-I of the SEBI Act and the ICDR Regulations 2018.

Also in the document

• The noticees submitted that the original complainant withdrew the complaint in its entirety on September 17, 2025, stating they were convinced by the company's response.
• The noticees argued that the Axis Bank loan default by TIPL was settled in FY 2020 and therefore did not constitute a continuing default.
• The IPO was listed on the NSE Emerge platform in September 2025.