Sebi bans Varanium Cloud, its promoter from securities markets till further notice

Sebi has prohibited Varanium Cloud, its promoter and managing director Harshwardhan Hanmant Sabale from the securities market till further orders for mis-utilising the IPO proceeds and manipulating the company’s financial statements by recording fictitious sales and purchases.

Also, the regulator restrained Sabale from acting as a director or key managerial personnel of any listed company, any Sebi-registered intermediary or any company which intends to raise money from the public, until further orders.

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