In an interim order, the controller and its advertisers banned them from accessing or incorporating themselves in the bond market.
“It has been found that the company has failed to make material manifestations on its defaults in repaying its arrears HDFC Bank It has also made false and false corporate announcements about expanding and obtaining a large purchase order from Bangladesh from a fictional company, ”SEBI said.
Kalahridan Trends is a textile company that manufactures and trades clothes including suits, shirting and clothing. The company made its public debut in March last year, and then lost its value.
In June 2023, Kalhari, who raised Rs 22.49 crore through his SME IPO in June 2023, failed to publish important financial details, and handled financial statements.
HDFC Bank, one of the credit providers, flagged off the issues relating to Kalhridan’s loans, and provoked SEBI’s further study. Furthermore, the company’s funds submitted during the IPO operation do not match the reality of its banking transactions. Investigations found that the company had used fake documents to show excessive revenue and failed to publish normalcy in bank loans. The analysis indicated that the funds raised by the IPO were not used for commercial purposes, including capital and credit repayment, but rather, the company’s bank accounts showed signs of financial distress. For investors before IPO, “An order release mentioned.
The SEBI flaged many irregularities in the company’s attacks, in which the raised sales statistics and related party transactions were not revealed. The controller found that the company had created misconduct and sales invalidation to raise revenue and mislead investors about its financial health.
