sebi:WTM/AB/CFD/CFD-SEC-1/30858/2024-25
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
BSE directed not to proceed with listing of Trafiksol shares; IPO proceeds to be kept in interest-bearing escrow with no access to company/affiliates; detailed SEBI examination to be completed within 30 days with cooperation from company and merchant banker.
Regulations
- Reg. 296
Parties
- Trafiksol ITS Technologies Limited
- Ekadrisht Capital Private Limited
Holding
BSE was directed not to proceed with the listing of Trafiksol ITS Technologies Limited and to ensure IPO proceeds remain in an interest-bearing escrow without access to the company, pending a detailed SEBI examination to be completed within 30 days.
Full text
Interim Ex Parte Order in the matter of Initial Public Offer of Trafiksol ITS Technologies Limited. Page 2 of 8 3. The basis of allotment was finalised on September 13, 2024 and the shares were credited to the demat accounts of the eligible applicants on September 16, 2024. It was disclosed in the DRHP that the proceeds from the Issue would be utilized for the following purposes: a. Purchase of Software; b. Repayment/prepayment, in part or full, of Company’s borrowings; c. For meeting its Working Capital Requirements; and d. General Corporate Purpose.
Interim Ex Parte Order in the matter of Initial Public Offer of Trafiksol ITS Technologies Limited. Page 3 of 8 8. Subsequently, BSE vide email dated September 17, 2024, informed SEBI that the listing of the proposed issue had been deferred and a public notice in this regard was issued. It was, inter-alia, stated in the public notice that “it is hereby notified that in view of certain queries that have been raised, the listing of the scrip is postponed till queries are resolved by the issuer.”
Interim Ex Parte Order in the matter of Initial Public Offer of Trafiksol ITS Technologies Limited. Page 4 of 8 undertaken to obtain the quotation from at least 3 potential suppliers from whom the software would be procured. b. The company, before placing the order and releasing the payment to the approved vendor, shall seek approval of the members in a General Meeting. c. The company consented to the appointment of a Monitoring Agency, , suggested by the BSE, to oversee the procurement process.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/AB/CFD/CFD-SEC-1/30858/2024-25. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.