The Securities and Exchange Board of India (Sebi) is investigating suspected financial irregularities at Sterling and Wilson Solar Ltd (SW Solar), the solar power construction business of the Shapoorji Pallonji Group, two people aware of the matter said.
The Sebi probe follows allegations by a few SW Solar shareholders last year that Shapoorji Pallonji and Co. Pvt. Ltd may have utilised funds raised in SW Solar’s August 2019 public share sale for purposes other than those mentioned in its share sale documents. The stated purpose was that promoters would use the money raised from the offer for sale to repay inter-corporate debts.
