SECP widens SE Fruits probe, examines Topline, Growth submissions

SECP has broadened its inquiry into the cancelled SE Fruits and Vegetable IPO, seeking export and foreign-currency records from banks, Mettis Global reported on November 7. Seven banks have been asked for the company’s export files, while 30 were approached for information on foreign receipts in accounts linked to its sponsors and directors; some replies are being assessed.

The investigation, opened on October 21, is also reviewing submissions from IPO managers Topline Securities and Growth Securities, along with shareholder records and information from the auditor. SE Fruits had planned to sell 30 million shares at a floor price of Rs40, but the offer was halted after SECP identified significant inconsistencies in the prospectus and the company withdrew it. Application funds have been returned, and the company said it intended to seek approval again with fuller disclosures.