Orient Technologies Limited — Others, 11-02-2025: Monitoring Agency Report

Orient Technologies Limited has issued its Monitoring Agency Report for the quarter ending December 31, 2024, regarding its Initial Public Offer (IPO) totaling ₹120 crore. The report highlights a deviation in fund utilization, specifically citing payments made inclusive of Goods and Services Tax (GST) when the prospectus specified such payments should exclude GST. The company has utilized ₹16.74 crore for issue-related expenses and holds ₹102.37 crore as unutilized funds. This situation may prompt scrutiny from investors, as the deviation suggests a potential mismanagement of proceeds, representing a risk to financial health and investor confidence.