Interim Order in the matter of Nirman Agri Genetics Limited
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What is this order about?
SEBI issued an interim order examining Nirman Agri Genetics Limited's (NAGL) utilization of IPO proceeds raised in March 2023, finding inconsistencies in the company's reported use of funds.
Who it concerns
Nirman Agri Genetics Limited, Pranav Kailas Bagal
What was found or directed
- Inconsistent submissions on IPO proceeds utilization
- Payments of INR 12.52 Crore to four entities (Janvi Traders, Lalit Traders, Somnath Agriculture Trading Co, VN Enterprise) on March 28, 2023
- Bank account analysis revealed forged licenses and non-existent entities
- No agreements or invoices provided for payments
- INR 0.78 Crore remitted for issue-related expenses
- INR 7 Crore transferred to company's current account
Points worth noting
- Payments to four entities were shown as 'advance for purchases' but no supporting documents provided
- Entities like Janvi Traders had forged licenses and no physical presence
- CBDT data shows entities did not file income tax returns despite large transactions
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | WTM/KV/CFID/CFID-SEC2/31724/2025-26 |
| Status | closed (section: order) |
| Year | 2025 |
| Closing date | — |
| Documents | 1 |
Highlights & Points worth asking
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Documents
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Order
2025-10-14
interim_order_nagl.pdf
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