SEBI imposed 2 year ban on Droneacharya and promoters over IPO fund misuse

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SEBI has imposed a two-year market ban on Droneacharya Aerial Innovations and its promoter-directors Prateek Srivastava and Nikita Srivastava, calling out a web of misstatements, fund diversion and fictitious revenues that misled investors both before and after the company’s IPO. 

The Pune-based drone startup, which listed on the BSE SME platform in December 2022, raised nearly Rs 34 crore through its public issue, but SEBI’s order says the company used a large part of those funds in ways completely at odds with what it disclosed in its…



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SEBI imposed 2 year ban on Droneacharya and promoters over IPO fund misuse


SEBI has imposed a two-year market ban on Droneacharya Aerial Innovations and its promoter-directors Prateek Srivastava and Nikita Srivastava, calling out a web of misstatements, fund diversion and fictitious revenues that misled investors both before and after the company’s IPO. 

The Pune-based drone startup, which listed on the BSE SME platform in December 2022, raised nearly Rs 34 crore through its public issue, but SEBI’s order says the company used a large part of those funds in ways completely at odds with what it disclosed in its…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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