sebi:WTM/KV/CFID/CFID-SEC2/31724/2025-26
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Facts / Headnote
Interim directions issued restraining Noticee no. 1 from accessing the securities market and from proceeding with bonus issue, stock split and name change; Noticee no. 2 restrained from buying, selling or dealing in the scrip, pending detailed investigation.
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 12A
Regulations
- Reg. 3
- Reg. 4
Parties
- Nirman Agri Genetics Limited (Noticee no. 1)
- Pranav Kailas Bagal (Noticee no. 2)
Holding
The Company and its promoter Pranav Bagal prima facie violated section 12A(a),(b),(c) of the SEBI Act and regulations 3(b),(c),(d) and 4(1) of the PFUTP Regulations by diverting IPO proceeds to fictitious or promoter-connected entities, warranting interim restraint directions pending investigation.
Full text
Interim Order in the matter of Nirman Agri Genetics Limited Page 2 of 19 matter of Synoptics Technologies Limited, was adopted in any of the issues managed by FOCL during the abovementioned period. The SME IPO of NAGL is one such matter examined by SEBI. The prima facie findings of examination are summarized in subsequent paragraphs.
Interim Order in the matter of Nirman Agri Genetics Limited Page 3 of 19 Future Green Agri Crop 0.25 Vishnu Krushi 0.23 Total (B) 4.63 Giant Bio Care 2.00 Co-Marketing Venture/JV Vighnaharta Enterprises 0.50 Computers Total (C) 2.5
Interim Order in the matter of Nirman Agri Genetics Limited Page 4 of 19 (i) In the submissions dated June 30, 2025, under the object clause of “Working Capital”, payment of INR 2.5 Crore to Nilkanth Services & Trading was shown. However, in the revised utilization details submitted vide letter dated July 16, 2025, no such payment to Nilkanth Services & Trading was shown. (ii) In the submissions dated June 30, 2025, under the object clause of “Working Capital”, payment of INR 0.20 Crore to SAE Impex were shown. However, in the revised utilization details submitted vide letter dated July 16, 2025, the amount of payment made to SAE Impex was shown as INR 2.5 Crore. (iii) In the submissions dated June 30, 2025, under the object clause of “General Corporate Purpose”, there was no reference to a payment of INR 1.25 Crore to “Aksol”. However, in the revised utilization details submitted vide letter dated July 16, 2025, the said payment was shown.
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Source: SecMarx — sebi:WTM/KV/CFID/CFID-SEC2/31724/2025-26. 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.