The SEBI order also stated several non-compliances by the company related to loans and advances.
The IPO comprises of a total offer size of upto INR 122.3 cr. It combines an offer for sale of INR 97.9 cr and a fresh issue of INR 24.4 cr.
The company operates across more than 120 countries, with a strong focus on renewable energy, engineering goods, and consumer-appliance logistics.
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The company also stated that this project will strengthen Haryana’s power supply for households, industries, and agriculture.
As of 1 April 2025, the business reported an order book of ₹71,650 Crore.
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Sula added that it intends to seek rectification or move an appeal against the assessment.
Once the demerger takes effect, Executive Director Girish Wagh will assume charge as Executive Director and CEO of TMLCV.
The company noted that this transaction is aligned with the stated objects of Brigade Hotel Ventures’ initial public offering (IPO).
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