Back with one more - Analysis of Nirman Agri Fraud
Company: Nirman Agri Genetics Ltd (incorporated August 2020, Nashik-based).
Business: Hybrid seeds, crop protection, bio-organic products.
IPO: ₹20.30 crore on NSE Emerge (SME) in March 2023, managed by First Overseas Capital Ltd (FOCL).
IMP: SEBI initiated examination as part of a wider probe into SME IPOs managed by FOCL, after irregularities were earlier found in Synoptics Technologies Ltd.
Almost entire IPO money (₹18.89 crore, i.e., 93%) was diverted or siphoned off through fake or related-party entities. Details you can find in enclosed document.
Inquiry is based on IPOs managed by FOCL. As per chatgpt below are partial list of ipo managed by FOCL.
Synoptics Technologies Ltd
Pyramid Technoplast
Italian Edibles Ltd
Clinitech Laboratory Ltd
Sameera Agro & Infra Ltd
Ishan International Ltd
Veerkrupa Jewellers Ltd
Double check if you are invested in any of above companies.
Who owns FOCL:
(First Overseas Capital Ltd.) was “set up by a team under the CIFCO banner” and then separated as an independent entity around 1995.
The current Managing Director is Satyen Dalal.
On corporate registries, the directors include Pratul Narendra Dalal, Puja Satyen Dalal, Satyen Bhupendra Dalal, and Devanshu Pravin Desai.
The “team under CIFCO” origin suggests a collective founding rather than a sole founder.
How you may have prevented in investing in Nirman:
- Reducing promoter stake.
Make it mantra – Huge red flag if promoter is selling, if not fraud than it’s high valuation or decreased performance.
- Cashflow:
Despite profit of 10 & 25 Cr, CFO is 4 & minus 32.
Others are there but just 2 would have been enough to stay away.
Disc: My 2 cents to create awareness for vp friend, not from finance background nor have any statutory license.
Nirman Agri Sebi Order.pdf (656.9 KB)