Notice Served, Answers Awaited: How Will SecureKloud Respond to SEBI’s Latest Move?

Updated: April 24, 2025 10:50

Image Source: Outlook Business

SecureKloud Technologies Ltd, a leading enterprise cloud transformation company, has been served with a formal notice of demand by the Securities and Exchange Board of India (SEBI), raising regulatory pressure on the company's financial and compliance behavior.

Key Highlights:

Background of the Case: The SEBI action follows a series of probes into money laundering irregularities reported by SecureKloud's statutory auditor, Deloitte, for FY 2018-19. Deloitte's report mentioned suspected fraud and financial statement discrepancies in the company's accounts, triggering additional regulatory scrutiny and a forensic audit by Grant Thornton.
Show Cause and Interim Orders: In August 2022, SEBI served an interim order-cum-show cause notice on SecureKloud and three senior executives, accusing them of violating securities regulations, such as the SEBI (Listing Obligations and Disclosure Requirements) Regulations and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations.
Market Restrictions: The interim order restrained SecureKloud and its top management from buying, selling, or dealing in securities until further notice, with specific exceptions for closing open derivative positions.
Company’s Response: SecureKloud and its leadership have contested SEBI’s findings, arguing that the regulator relied selectively on audit reports and did not adequately consider independent analyses that could have influenced the outcome.
Ongoing Proceedings: The case is pending appeal with the Securities Appellate Tribunal (SAT) currently, where SecureKloud is seeking relief and a fuller review of evidence.
Recent Corporate Developments: In the midst of these regulatory issues, SecureKloud has also experienced board-level changes and is undertaking strategic restructuring, such as the planned sale of assets in core subsidiaries to control future cash flows and growth needs.

This SEBI notice of demand is a watershed moment for SecureKloud, as the company faces regulatory challenges and tries to regain market and investor trust.

Source: Casemine, SecureKloud Announcements, Company Filings

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