Droneacharya Faces SEBI Ban for Two Years Over Misstatements and Fund Diversion Post-IPO

Droneacharya Aerial Innovations and directors face a two-year SEBI market ban for alleged misstatements. The IPO raised ₹34 crore, but only ₹70 lakh was spent on drones, with ₹27 crore diverted via questionable software purchases. Fictitious revenue of ₹12.35 crore, representing 35% of annual sales, boosted profit figures. Pre-IPO investors exited, gaining ₹89.6 crore. Undisclosed transactions totaling ₹10.6 crore involved Awyam Synergies.