New Delhi, Aug 19 (PTI) Markets regulator Sebi has barred six preferential allottees of Dhenu Buildcon Infra from disposing of company shares after finding prima facie evidence of round-tripping of funds, involving purported loans of Rs 1,000 crore.
In an 112-page interim order passed on Wednesday, Sebi revealed that the company purportedly received Rs 1,000 crore from seven entities through 46 transactions over eight days in December 2024.
However, the examination of bank accounts showed that the amount was not backed by corresponding fresh inflows from independent external sources.
Instead, an initial pool of Rs 25 crore was repeatedly circulated through multiple entities and returned to Dhenu Buildcon Infra through different routes, creating the appearance of aggregate receipts of Rs 1,000 crore, the regulator said.
Sebi said Rs 840 crore of the purported loans were subsequently converted into equity through a preferential allotment of 5,91,54,92,940 equity shares.
The six allottees – Golkonda Aluminium Extrusions, Shanta Agencies, Shri Niwas Leasing and Finance, Tiaan Consumer, Twinkle Mercantiles and Credits and Utsav Securities – together hold around 99.70 per cent of DBIL’s diluted equity share capital.
The regulator said the preferential shares had a market value of around Rs 5,667.04 crore based on the three-month VWAP prior to July 31, 2026.
Sebi’s intervention came after the lock-in period expired on August 15 and some allottees started selling the shares. The entities cumulatively sold 17,444 shares worth Rs 1.34 lakh within a period of two days, the order said.
The regulator said allowing the shares to be sold at prevailing market prices could potentially result in wrongdoing gains of around Rs 5,667 crore at the expense of gullible investors.
Sebi also identified Virendra and Surendra Jain as key participants in the alleged scheme, saying they were prima facie involved in the establishment and maintenance of a network of connected entities, their operational and financial control, banking arrangements and fund transfers.
Accordingly, the markets watchdog has prohibited the six allottees from disposing of their Dhenu Buildcon Infra Ltd (DBIL) shares and barred the two individuals from buying selling or dealing in securities or associating themselves until further orders.
Sebi also directed DBIL not to undertake corporate actions, including alteration in capital structure, bonus or rights issues, stock split or dividend, until further orders.
The Securities and Exchange Board of India (Sebi) initiated an examination to ascertain any potential violation of market norms in the matter of DBIL, pursuant to a reference dated April 20, 2026 received from the Serious Fraud Investigation Office.
The examination was conducted for the period from August 1, 2024 to July 31, 2026.