SEBI v. Aadhaar Ventures India Ltd and Viaggio Traders Pvt Ltd (alleged funding of preferential allotment, 2022)
Dismissed
Checked against the primary document on October 9, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.
In October 2022 a SEBI adjudicating officer examined an allegation that a listed company had funded a shareholder to subscribe to its own preferential share issue, which would have been a fraud on the market. The officer gave the benefit of the doubt, found the fraud provisions not established and disposed of the notice without any penalty.
The record
| Agency | SEBI (India) |
|---|---|
| Date filed | 2022-10-21 |
| Date resolved | 2022-10-21 |
| Court | SEBI adjudicating officer |
| Status | dismissed |
| Asset class | equities |
| Instruments | Aadhaar Ventures India shares (preferential allotment) |
| Venue | BSE |
| Criminal parallel | No |
| Defendants | Aadhaar Ventures India Limited (formerly Prraneta Industries Limited) ; Viaggio Traders Private Limited (formerly Viaggio Entertainments Private Limited) |
| Also named elsewhere | Aadhaar Ventures India Limited |
| Techniques |
What was ordered
- Civil penalty
- —
- Disgorgement
- —
- Prejudgment interest
- —
- Total relief
- —
- Alleged gain
- —
What is alleged to have happened
This is an adjudication order of 21 October 2022 by SEBI adjudicating officer Barnali Mukherjee. The noticees are Aadhaar Ventures India Limited, formerly Prraneta Industries Limited, a listed company, and Viaggio Traders Private Limited, formerly Viaggio Entertainments Private Limited, which was allotted shares in the company's preferential issue.
SEBI's investigation covered 2009 to April 2015. It alleged that money from the company had been routed through another entity to Viaggio, which then used it to apply for the company's own preferential shares. Read that way, the company would have funded its allottee and given a false picture of fresh capital coming in. SEBI charged breaches of Regulations 3(a) to (d) and 4(1) of the PFUTP Regulations and section 12A of the SEBI Act, with penalty proceedings under section 15HA.
The order looks at ten instalments totalling Rs 3,73,72,500 paid by Viaggio for 1,66,10,000 shares. Only the last instalment, Rs 60,00,000, was alleged to trace back to the company. The officer found that Viaggio had itself raised that sum from a third company by allotting it Viaggio's own shares, with the allotment filed with the corporate registry, and that the company's transfer to the third company was one part of a larger Rs 1.45 crore short-term loan repaid in full by October 2009.
On that record the officer found no convincing material that the two noticees ran a scheme to simulate capital infusion, observed that the company could not produce loan papers because of the time elapsed and a change of management, and gave both the benefit of doubt. The fraud provisions were held not established, and the notice was disposed of without penalty. The officer cited a Securities Appellate Tribunal ruling that a fraud charge cannot rest on conjecture.
The order imposes no monetary penalty and no market restraint. The record does not show whether SEBI appealed, and it does not establish where the money ultimately came from beyond the findings summarised here.
No library technique fits an alleged circular funding of a share issue, so the technique list is empty.
This library tags the matter with no technique and records it as a dismissed fraud allegation. The tagging is ours, not the regulator's.
For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the order.
Timeline
- 2022-10-21 SEBI order
Primary documents
Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.