SEBI issues ex-parte interim order against Osiajee Texfab Limited

This is an ex-parte interim order by SEBI concerning Osiajee Texfab Limited (OTL) and 19 associated individuals and entities, examining allegations of share price manipulation and misleading corporate announcements regarding the company's textile business.

Who it concerns: Osiajee Texfab Limited; Ms. Reema Saroya; Mr. Akashdeep Jain; Mr. Neeraj Kumar Singla; Ms. Basanti; Mr. Ranchha Ram; Ms. Sweety Gandhi; Ms. Kanta Saini; Mr. Sahil Gupta; Mr. Hashmeet Singh Taneja; Mr. Ishvar Lal; Ms. Meena Saroya; Mr. Ashish Gandhi; Shreni Shares Limited; Navraav Electro Limited; Mr. Sarvjeet Singh Taneja; Ms. Puneet Bajaj; Mr. Sanjeev Dayaprasad Mishra; Ms. Nisha Saroya; Mr. Vikas Jain

What SEBI found or ordered

• SEBI observed that OTL's share price increased from Rs. 50.40 to Rs. 474.80 between Jan 2025 and Jan 2026, with a further rise to Rs. 495.50 in May 2026 without major positive corporate announcements.
• SEBI found that the top 10 Last Traded Price (LTP) contributors during April 30–May 14, 2026, were all clients of Shreni Shares Limited (SSL) in Hoshiarpur, contributing 67.38% of the total positive LTP.
• SEBI noted that OTL’s revenue from its core textile business was Nil for FY 2023-24 and 2024-25, yet the company made announcements stating the textile business was 'growing steadily.'
• SEBI observed that almost all of OTL's revenue and profit came from its wholly owned subsidiary, Osiajee Agro Farms Limited (OAFL), which shares the same registered address as OTL.
• SEBI recorded statements on oath from Ms. Reema Saroya (MD of OTL) and Mr. Akashdeep Jain (shareholder and branch manager of SSL) during a site visit on May 20, 2026.
• SEBI observed that there was no name board for OTL or OAFL at the registered office, but name boards for SSL and Navraav Electro Limited were present.

Also in the document

• The order is 'Ex-Parte' and 'Interim,' meaning it was passed without hearing the noticees and is a temporary measure pending final investigation.
• SEBI noted a high trading concentration, with one noticee having 95% of their trading in OTL shares.
• The company has a low investor base of 2,872 shareholders and less than 100 unique clients trading daily on average.