India's securities regulator has issued a comprehensive order against Varanium Cloud Limited and its key personnel for misrepresenting financial statements, diverting IPO and Rights Issue proceeds totaling Rs. 62.51 crore to related parties, and making false business announcements. The order imposes significant monetary penalties, disgorgement requirements, and market debarments ranging from one to seven years on the company, its managing director, intermediaries, and other key management personnel.
Mansukhlal Hiralal & Company