Sebi bars six from selling Dhenu Buildcon shares over alleged manipulation

Regulator alleges artificial fund rotation was used to boost company value and secure preference shares, while imposing restrictions on corporate actions

The Securities and Exchange Board of India (Sebi) has barred six entities from selling their shares in Dhenu Buildcon Infra (DBIL) and restrained two others from accessing the securities market for alleged manipulation of financial statements through complex, circular bank transactions and cross-shareholdings.

 

The regulator has also directed the company not to undertake any corporate actions such as a name change, alteration in capital structure, bonus issue, rights issue, stock split, dividends, etc.

 

In an interim order issued on Wednesday, the regulator alleged that the fraudulent activities included artificial fund rotation to boost the company’s value and illicitly secure preference shares.

 

 

Sebi’s findings show that during the financial year 2024-25, Dhenu Buildcon purportedly obtained Rs 1,000 crore in unsecured loans from seven entities and converted Rs 840 crore of this debt into equity through preferential allotment to six of the entities in December 2025.