Sebi cancels Trafiksol IPO, orders refund of investor money
Trafiksol ITS Technologies and asked the company to refund the money to investors within one week.
The company may approach the market afresh after the ongoing proceedings initiated by Sebi are concluded and subject to any directions issued, the regulator said in an order on Tuesday.
In October, Sebi had asked BSE to put the listing of the company on hold, after it received a complaint that the objects of the issue included purchase of software at ₹17 crore from a vendor which had questionable financials and failed to file its annual financial statements with the ministry of corporate affairs.
The regulator said purchase of software was a major object of the issue amounting to close to 40% of the issue size.
The company in its prospectus disclosed that it planned to buy from a third party vendor an «Integrated Command Control Centre Software (ICCC) to function as the core operational hub for smart cities.»
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