Synoptics Technologies Limited — Others, 07-05-2025: Action(s) initiated or orders passed

Synoptics Technologies Limited and its promoters have been barred from securities market activities after SEBI found misuse of IPO proceeds. The company raised ₹54.04 Cr, but ₹19 Cr was prematurely moved from escrow as issue expenses instead of the disclosed ₹80 lakh. Funds intended for acquisitions and working capital were diverted to unrelated entities with mismatched bank details, signaling possible siphoning. The lead manager, First Overseas Capital Limited, is suspended from new assignments. These irregularities and lack of board approval present significant risks for shareholders and market confidence.