Droneacharya’s Fall From Hype: Is SEBI Really Behind Ranbir Kapoor & Aamir Khan?
After the 2022 IPO hype, SEBI called out Droneacharya for "fraudulent practices" and imposed a ban...
Back in 2022, Droneacharya (it's a drone company) was a rising star. The company launched its IPO in December 2022 and quickly became popular because big stars like Ranbir Kapoor and Aamir Khan, as well as market expert Shankar Sharma, had invested in it. Notably, many were talking and rooting for the "drone boom" at the time. The IPO was oversubscribed 244 times (and that's huge). However, two years later, the story's plot changed. SEBI got involved, and major "fraudulent practices" were found. So, what exactly happened? Are these celebrities in any trouble? For that, learn more.
Misuse of IPO Money
- Droneacharya Aerial Innovations raised INR 33.96 crore from the IPO.
- The company mentioned that it promised to buy drones and accessories.
- However, SEBI found that these funds (around INR 27 crore) were used elsewhere, not for the purposes mentioned in the IPO documents.
Fake or Exaggerated Revenues
Droneacharya grew fast in terms of growth:
- INR 3.58 crore → FY22
- INR 18.56 crore → FY23
- INR 35.19 crore → FY24
However, SEBI discovered:
- The cash flow was negative for 3 years.
- Some of the sales were fake or suspicious.
- Some revenue figures were shown for companies that didn’t actually have operational businesses.
- Hence, the company was at a loss without these tricks.
After the Stock Was Listed, the Company Frequently Announced
- “Big deals”
- “Large orders”
- “Exciting partnerships”
- “Major business wins”
And SEBI found that most of these claims were false or lacked substance.
SEBI says the company's goal was to:
- The company wanted to keep the share price artificially high.
- They wanted the early (pre-IPO) investors to be able to sell their shares at high prices.
- And the new public investors were left holding overvalued shares.
SEBI’s Punishment
SEBI issued a strict order to punish the company. Here’s what happened:
- Ban for 2 years
- It banned the company and its promoters (Prateek & Nikita Srivastava), and all connected entities from the securities market for 2 years.
Total Fines of INR 75 Lakh
- INR 20 lakh was fined on each promoter.
- Additional fines for the company.
- More fines on advisers and entities involved.
- Total penalties = INR 75 lakh.
Restrictions
- Some of the company's assets have been frozen.
- Promoters of the company are no longer allowed to sell their shares or assets without SEBI’s permission.
- Other compliance rules have been imposed.
Market Reaction
Soon, the stock crashed, and investor confidence collapsed instantly.
What About Celebrities?
- Ranbir Kapoor and Aamir Khan were just early financial investors in the company.
- SEBI's orders do not blame these celebrities for any of the wrongdoing.
- SEBI made it clear that these weren't involved in running the company. Moreover, it mentioned that the company used celebrity images without permission.
Tanusha Verma
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