The regulator has directed them to not dilute or sell their holdings in the company. In an interim order, Sebi noted that Shirpur had allegedly created a scheme to divert funds from debtors to entities of promoter groups.
“It appears that the main reason for Shirpur's defaults to lenders is non- receipt of funds from its debtors amounting to Rs 404 crore. The same appears to be part of a well-designed scheme devised by promoters to move the funds out of Shirpur and transfer to their accounts while misusing the IBC process,” noted whole-time member of Sebi, Ashwani Bhatia in an order. Sebi has given 21 days to Goenka and the others to file responses or objections.