Inventure growth, promoters barred from market over IPO fund misuse

Mumbai: The Securities and Exchange Board of India (Sebi) has banned Inventure Growth and Securities, its promoter and directors from the securities market for four years, for misusing the money raised through public offering and for making false and inadequate disclosures in the prospectus.

The market regulator has alleged that the company ha d used the IPO (initial public offering) money for activities not disclosed in the prospectus. Sebi said the company had made false statements regarding bridge loans and acceptance of deposits.

The promoter and directors gave a wrong certificate in the prospectus and were responsible for concealing material information, the regulator said in its order.


Sebi barred promoter Nagji K Rita, directors Virendra D Singh, Kanji B Rita, Vinod K Shah, Pravin N Gala, Arun N Joshi, Srinivasaiyer Jambunathan, Harshavardhan M Gajbhiye, Ajay Khera and Deepak M Vaishnav from being a director on the board of any listed company for a period of four years.