5 Min Read Market regulator SEBI has slapped fines totalling ₹33.08 crore on Varanium Cloud, its promoter Harshawardhan Hanmant Sabale, and seven others for misrepresenting the company’s financials and diversion of IPO proceeds. Besides, the regulator barred Varanium Cloud (VCL) and Sabale from the securities markets for seven years. Further, Sabale was also restrained from being associated with any listed company or a Sebi-registered intermediary as a director for 7 years.
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