SEBI bans SME Nirman Agri Genetics over 93% IPO fund diversion
SEBI barred SME-listed Nirman Agri Genetics from accessing the securities market for alleged diversion of IPO funds. SEBI investigation found the firm misutilised 93% of total IPO proceeds by transferring funds to entities that were either fictitious, suspect in nature, or controlled by promoter Pranav Kailas Bagal and his relatives. Firm has been directed to halt all proposed corporate actions.