Jain Resource Recycling Limited Reports Deviation in IPO Proceeds Utilization for Q3 FY26
Jain Resource Recycling Limited's monitoring agency report for Q3 FY26 reveals a significant deviation in IPO proceeds utilization, with Rs 540.00 million from general corporate purposes used to repay promoter loan, violating prospectus commitments. The company attributes this to inadvertent error and has implemented corrective measures including fund restoration and regulatory compliance procedures. The deviation falls in the 50-75% range of allocated funds, requiring shareholder approval and regulatory remediation.
