The Securities and Exchange Board of India (SEBI) has issued an interim order against SME-listed Kore Digital and three of its key managerial personnel following findings of prima facie irregularities in the company’s financial reporting and corporate records.
The regulator’s examination identified alleged misstatements in financial information involving approximately ₹541 crore in revenue, along with concerns relating to accounting entries, subsidiaries and the utilisation of funds raised through a preferential issue.
SEBI has restrained Kore Digital’s Managing Director Ravindra Doshi, Chief Executive Officer Chaitanya Doshi and Chief Financial Officer Kashmira Doshi from purchasing, selling or otherwise dealing in the company’s securities, subject to the terms of the interim order.
The regulatory action also includes restrictions concerning the proposed migration of Kore Digital’s shares from the SME platform to the main board. SEBI has further directed a forensic examination of the company’s books, accounts and related records to investigate the matters identified during its proceedings.
The interim action follows SEBI’s prima facie assessment that the reported financial information and certain corporate transactions require further regulatory scrutiny. The allegations and findings remain subject to the proceedings and directions contained in SEBI’s order. CASannsaar