It’s prmoters were involved in IPL betting in the past. CO says that “Though they have been duly discharged, any re-opening of matter could have an adverse impact on our business and reputation. “
Further, co has mentioned that “Our Promoter, Motisons Entertainment (India) Private Limited (“MEIPL”) has received orders dated 20.04.2022 and 26.05.2022 under Section 91 of the Criminal Procedure Code, 1973 from Bank Securities Fraud Branch, Central Bureau of Investigation, Mumbai (“CBI”) for production of certain document/article in relation to a loan transaction undertaken by MEIPL with a public limited company Trimax IT Infrastructure & Services Ltd. (“TIISL”).
Not just betting … the list is rather long
a) The showrooms & manufacturing facilities are owned by the promoters & not the company
b) Investigation by SEBI involving irregular dealings in listed companies
c) CBI investigation over loan fraud
d) Fined & debarred from accessing capital markets for 3 years
e) MCX also conducted some investigation
f) IPO proceeds to be used for repayment of low cost bank loan (8.6% interest) and not promoter loans (11.6% interest rate)
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