SEBI action on DroneAcharya: Major action has been taken by the Securities and Exchange Board of India (SEBI) against drone manufacturing company DroneAcharya Aerial Innovation Limited. SEBI has imposed a two-year securities market ban on the company, its promoter and other related entities due to misuse of funds raised by the company from IPO and false corporate declarations.
Besides, a total fine amount of Rs 75 lakh has also been imposed on him. This action has been taken by SEBI mainly for two reasons. First due to misuse of funds raised by the company from IPO and second due to misleading corporate announcements made to mislead investors.
SEBI’s statement
SEBI said that after listing on BSE and NSE, misleading corporate announcements were made by the company and its promoters, which increased the interest of investors in the shares of the company and affected the demand for shares.
Also the company tried to maintain the falling share prices. So that pre-IPO investors can withdraw their money. According to SEBI, the company and promoters gave wrong information about the company’s revenue and inflated it.
Company’s condition in stock market
On Friday, November 28, the last trading day of the week, a slight rise was seen in the company’s shares on BSE. The company shares closed at Rs 56.72 with a rise of 0.50 percent or Rs 0.28.
The shares had reached a high of Rs 56.99 during the trading day. The low level of the day was Rs 55.50. Talking about the 52-week high level, the company shares had touched the figure of Rs 131.
What does the company do?
DroneAcharya Aerial Innovation Company was started in 2017. This is a tech company related to data science. Who work in the fields of defence, space, drones and information technology.
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