SEBI halts Kore Digital fundraising and listing over financial irregularities
Business
SEBI has stopped telecom company Kore Digital from raising money from the public or moving up to the main stock exchange after spotting financial irregularities.
The company's top bosses, including the MD, CEO, and CFO, have been barred from trading in Kore's shares.
SEBI is also digging deeper with a forensic audit to see if the company inflated its revenue using questionable subsidiaries.
Kore Digital subsidiaries' addresses unverifiable
Kore Digital picked up three subsidiaries in late 2024, and those now make up about 75% of its reported revenue.
But when SEBI checked out these companies' listed addresses, there was no evidence that the three subsidiaries and their step-down subsidiaries operated from their stated addresses, raising big red flags.