Varanium Cloud, MD barred from securities markets

New Delhi: Capital markets regulator Securitis and Exchange Board of India (Sebi) on Monday affirmed its directions to bar Varanium Cloud and its promoter and MD Harshawardhan Hanmant Sabale from securities markets till the outcome of a probe into alleged mis-utilisation of IPO proceeds and manipulation of the company's financials.

In May this year, Sebi passed an interim order that barred Varanium Cloud and its Managing Director (MD) Harshawardhan Hanmant Sabale from the securities market.

The regulator had also restrained Sabale from acting as a director or key managerial personnel of any listed company, or any Sebi-registered intermediary which intends to raise money from the public. The order came after Varanium had filed an appeal against the Sebi's interim order in the Securities Appellate Tribunal (SAT). However, Varanium, did not make any submission on the merits of the prima facie findings in the order.