MUMBAI: Sebi has directed Trafiksol ITS Technologies to refund the Rs 44.9 crore paid by buyers who have been allotted shares within the firm’s IPO. BSE, in coordination with bankers, will oversee the refund course of, which must be accomplished inside one week from the date of the order, together with the curiosity earned on the difficulty’s proceeds.
Sebi had acquired a grievance prior to the itemizing of the shares, alleging that objects of the difficulty included the acquisition of software program from a third-party vendor with questionable credentials. An investigation discovered that the seller was a shell entity, and that the corporate had engaged in a cover-up when the seller’s credentials have been questioned. The order goals to defend buyers’ pursuits by making certain they get their money again.
“The finding that the company was involved in cover-up is based on fact that it can be reasonably presumed that MD of the company, given his long association with this sector, at the very least, was aware that the profile of the TPV directors, which was submitted to BSE, was fabricated. Therefore, the company’s defense – that it merely forwarded documents provided by the TPV to BSE without verifying their authenticity – must be rejected,” the order mentioned.
Trafiksol, which offers options for visitors and toll administration tasks via expertise, had filed a draft crimson herring prospectus with BSE for an IPO on the SME Platform, issuing 64.1 lakh fairness shares at Rs 66-70 per share. The providing was oversubscribed almost 345.7 occasions, elevating Rs 44.9 crore. The itemizing, scheduled for Sept 17, 2024, was deferred due to a grievance.
“It is pertinent to note that other findings of probe are yet to be adjudicated. So, submission made by noticee, that IPO may be permitted to go ahead subject to use of proceeds being monitored by an agency appointed by Sebi or BSE, cannot be considered,” the order mentioned.
