Confirmatory Order in the matter of Pacheli Industrial Finance Limited
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What is this order about?
SEBI issued a confirmatory order regarding Pacheli Industrial Finance Limited (PIFL) and six entities, examining alleged irregularities in share price movements and financial disclosures.
Who it concerns
Pacheli Industrial Finance Limited, Abhijit Trading Company Ltd, Calyx Securities Pvt. Ltd, Hibiscus Holdings Pvt. Ltd, Avail Financial Services Ltd, Edoptica Retail India Ltd, Sulphur Securities Pvt. Ltd
What was found or directed
- Interim order restrained PIFL and six entities from buying, selling, or dealing in securities or accessing the capital market
- Company's share price increased 372% from INR 21.02 to INR 78.2 between December 2, 2024, and January 16, 2025
- Company reported negligible revenues for three financial years, with FY 2023-24 revenue driven by bad debt recovery and interest income
- Company issued 51,51,51,500 equity shares on preferential basis to six entities for INR 849,99,99,750 at INR 16.50 per share
- Company did not disclose nature, purpose, or cost of INR 1000 crore loan in financial statements
- Company's P/E ratio reached 4,05,664 on January 16, 2025
Points worth noting
- Share price increase occurred while company was under Additional Surveillance Measure (ASM) Stage 4
- Promoter holding decreased from 29.56% in March 2019 to 0.01% in September 2024
- Company increased authorized share capital from INR 4.5 crore to INR 10,000 crore
- Company converted INR 1000 crore loan into equity shares for INR 850 crore value
- Company did not disclose lender details or loan purpose in financial disclosures
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | WTM/KV/CFID/CFID-TPD/31942/2025-26 |
| Status | closed (section: order) |
| Year | 2025 |
| Closing date | — |
| Documents | 1 |
Highlights & Points worth asking
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Documents
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Order
2025-12-30
ORDER_1767091301.pdf
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