The Securities and Exchange Board of India (Sebi) has confirmed its decision to ban Varanium Cloud and its Managing Director, Harshawardhan Hanmant Sabale, from participating in the stock market. This action comes as part of an investigation into the alleged misuse of funds from the company’s initial public offering (IPO) and possible manipulation of its financial statements.
Earlier this year, in May, Sebi issued an interim order that prohibited both Varanium Cloud and Sabale from engaging in any stock market activities. Additionally, Sabale is not allowed to serve as a director or in any key management role for any listed company or any Sebi-registered entity that plans to raise public funds.
Varanium Cloud had appealed this interim order to the Securities Appellate Tribunal (SAT), but the company did not provide any arguments regarding the initial findings that led to Sebi’s action.
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