 "Games issuers and bankers play with public money")
An issuer company did not utilise a major part of the IPO (initial public offering) proceeds for the purpose of the objects stated in the prospectus and diverted the funds to various entities through group companies and other entities. The statutory auditor of the company issued an utilisation certificate, which was also included in its annual report. It was found that the certificate was false.
This case of misleading and distorted disclosure was one of the several examples of fraudulent and unfair trade practices listed in the latest annual report of the Securities and Exchange Board of India (Sebi) released last
