Varanium Cloud used public announcements to provide the false impression that it was a top IT service provider entering new sectors. These transactions, however, merely existed on paper; no actual activity took place as stated.
Many retail investors bought the stock as a result of the good emotion this story, which promoter Harshawardhan Hanmant Sabale had cultivated, created among investors. At the expense of unwary investors, this circumstance gave the promoters an opportunity to withdraw and drastically cut their investment. Sabale’s victories demonstrated the purpose of these declarations. Varanium and Sabale were found to have violated the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) by Sebi.
From September 2022 to March 2024, Sebi looked into possible rule violations after receiving complaints about the financial statements and corporate announcements made by Varanium Cloud Ltd., which was listed on the NSE’s SME market. Notably, Varanium’s initial public offering (IPO) in September 2022 brought in Rs 40.39 crore.
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