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SOURCE OF INFORMATION

SOURCE OF INFORMATION : SECURITIES AND EXCHANGE BOARD OF INDIA WEBSITE – PRESS RELEASES/ CHAIRMAN’S AND MEMBER’S ORDERS / AO ORDERS/ SAT ORDERS/ NEWSPAPER ADS
UPDATED TILL : 27-AUG-2026

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

COMPANIES: DIRECTED TO BRING BACK RS.62.51 CRORE DIVERTED ALONG WITH INTEREST @12% TO BE COMPUTED FROM RESPECTIVE DATE OF EACH OF THE DEBIT TRANSACTIONS RECORDED IN VCL’S ACCOUNT

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person VARANIUM CLOUD LTD.

(PAN:AAZCS6264J)  
Click here to view complete history of this specific entity/person HARSHAWARDHAN HANMANT SABALE

PAN:BMMPS9407G
  		MISREPRESENTED FINANCIAL STATEMENTS IN PROSPECTUS AND SHOWED FICTITIOUS SALES AND PURCHASES VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 3(A) TO 3(D) AND 4(1), 4(2)(F), 4(2)(K) AND 4(2)(R) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF VARANIUM CLOUD LTD.

MIS-UTILIZED IPO AND RIGHTS ISSUE PROCEEDS AND DIVERTED FUNDS TO PROMOTER GROUP ENTITIES VIOLATING REGULATIONS 3(A) TO 3(D) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF VARANIUM CLOUD LTD.

PROVIDED MISLEADING INFORMATION TO INVESTORS AND STOCK EXCHANGES REGARDING BUSINESS ACQUISITIONS VIOLATING REGULATIONS 4(1), 4(2)(F), 4(2)(K) AND 4(2)(R) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF VARANIUM CLOUD LTD.

MISREPRESENTED FINANCIAL STATEMENTS IN PROSPECTUS AND SHOWED FICTITIOUS SALES AND PURCHASES VIOLATING REGULATION 24(1) OF SEBI (ICDR) REGULATIONS, 2018 IN MATTER OF VARANIUM CLOUD LTD.

DISCLOSED MISLEADING QUOTATION UNDER OBJECTS OF THE ISSUE AND DID NOT MAKE DISCLOSURE OF LITIGATION IN THE PROSPECTUS AND LETTER OF OFFER VIOLATING REGULATION 24(1) OF SEBI (ICDR) REGULATIONS, 2018 IN MATTER OF VARANIUM CLOUD LTD.

MISREPRESENTED FINANCIAL STATEMENTS IN PROSPECTUS AND SHOWED FICTITIOUS SALES AND PURCHASES VIOLATING REGULATIONS 4(1)(A) TO 4(1)(C), 4(1)(E),4(1)(G) AND 4(1)(J) AND 33(1)(A), 33(1)(C) AND 48 OF SEBI (LODR) REGULATIONS, 2015 READ WITH IND AS-1 IN MATTER OF VARANIUM CLOUD LTD.

FILED INCORRECT STATEMENT OF DEVIATION PERTAINING TO UTILIZATION OF IPO PROCEEDS VIOLATING REGULATIONS 32(1), (4) AND (5) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF VARANIUM CLOUD LTD.

PROVIDED MISLEADING INFORMATION TO INVESTORS AND STOCK EXCHANGES REGARDING BUSINESS ACQUISITIONS VIOLATING REGULATIONS 4(1)(C) AND 4(1)(E) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF VARANIUM CLOUD LTD.   		DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 25-AUG-2026 TO 24-AUG-2033

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 25-AUG-2026 TO 24-AUG-2033

10-MAY-2024

IMPOSED PENALTY RS.1,30,00,000

DIRECTED TO BRING BACK RS.62.51 CRORE DIVERTED ALONG WITH INTEREST @12% TO BE COMPUTED FROM RESPECTIVE DATE OF EACH OF THE DEBIT TRANSACTIONS RECORDED IN VCL’S ACCOUNT

25-AUG-2026 		SEBI VIDE ITS ORDER DATED 21/10/2024 CONFIRMED ITS DIRECTIONS ISSUED VIDE ITS INTERIM ORDER DATED 10/05/2024

SEBI VIDE ITS ORDER DATED 25/08/2026 DIRECTED TO A) BRING BACK RS.62.51 CRORE, DIVERTED ALONG WITH INTEREST @ 12% FROM RESPECTIVE DATE OF EACH OF DEBIT TRANSACTIONS RECORDED IN VARANIUM CLOUD LTD. ACCOUNTS B) DEBARRED FROM ACCESSING SECURITIES MARKET AND PROHIBITED FROM BUYING, SELLING AND OTHERWISE DEALING IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER FOR SEVEN YEARS FROM DATE OF THIS ORDER C) IMPOSED PENALTY OF RS.10 LAC U/S 15A(B), RS.1 CRORE U/S 15HA AND RS.20 LAC U/S 15HB OF SEBI ACT.  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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