Market regulator Securities and Exchange Board of India (SEBI) has passed an
ex-parte interim order restraining Osiajee Texfab Ltd's managing director (MD) Reema Saroya, her husband Akashdeep Jain, stock broker Shreni Shares Ltd (SSL), Navraav Electro Ltd and 15 other connected individuals from buying, selling or dealing in the company's shares until further orders. SEBI has also directed Shreni Shares to deposit ₹82.57 lakh, representing its alleged unlawful gains, in a fixed deposit with a lien marked in favour of the regulator pending completion of its investigation.
The other noticees named in the interim order are Neeraj Kumar Singla, Basanti, Ranchha Ram, Sweety Gandhi, Kanta Saini, Sahil Gupta, Hashmeet Singh Taneja, Ishvar Lal, Meena Saroya, Ashish Gandhi, Sarvjeet Singh Taneja, Puneet Bajaj, Sanjeev Dayaprasad Mishra, Nisha Saroya and Vikas Jain.
The interim action follows a complaint alleging that the company's directors and key managerial personnel (KMP) manipulated the share price of Osiajee Texfab with the help of a stockbroker while creating a misleading impression about the company's business performance. According to SEBI, the company's share price jumped nearly 842%, from ₹50.40 on 30 January 2025 to ₹474.80 on 27 January 2026, despite no major positive corporate announcements supporting the rally.
SEBI found that the top 10 contributors to the last traded price (LTP) between 30th April and 14 May 2026 were all clients of Shreni Shares', Hoshiarpur branch, headed by Akashdeep Jain. Together, these traders accounted for 67.38% of the market's positive LTP, with several of them allocating more than half of their trading to Osiajee Texfab shares, suggesting coordinated trading rather than genuine investor interest.
The regulator also questioned the company's public disclosures. While Osiajee Texfab claimed that its textile business was expanding steadily, SEBI found that the company had virtually no revenue from textile operations during FY23-24 and FY24-25 and only negligible revenue in FY25-26. Instead, almost all of its revenue and profits were generated by its wholly owned subsidiary, Osiajee Agro Farms Ltd, rendering the company's claims about its textile business misleading.
During surprise inspections at the registered office of Osiajee Texfab, SEBI found no signboard of either the company or its subsidiary. Instead, the premises displayed the names of SSL and **Navraav Electro. The regulator found that the office was also the residence of Reema Saroya and Akashdeep Jain, and that the company's office and the broker's Hoshiarpur branch operated from the same premises without maintaining an arm's-length separation.
SEBI also found no invoices, inventory, bills or other documents indicating any textile business activity. During the inspection, Reema Saroya admitted that the company had no textile operations and that its income came entirely from Osiajee Agro Farms Ltd. She also stated that her husband, Akashdeep Jain, assisted her in managing the company's affairs, while Osiajee Texfab had only one employee, its company secretary and compliance officer.
The investigation further revealed extensive family, financial and telephonic links among the noticees. SEBI found that several of the top LTP contributors had fund transfers with Osiajee Texfab, Reema Saroya, Akashdeep Jain, Nisha Saroya, Navraav Electro and other connected entities. Many of them also executed synchronised trades while operating through the Hoshiarpur branch of Shreni Shares.
According to SEBI, immediately after its site visits on 20 May 2026, Shreni Shares sold its entire holding of 73,614 shares of Osiajee Texfab within seven trading days, allegedly earning ₹82.57 lakh in unlawful gains. The regulator said the timing of these sales raised concerns that the proceeds could be dissipated before the investigation concluded, making it necessary to impound the alleged gains.
Pending completion of the investigation, SEBI has restrained all 19 noticees from buying, selling or otherwise dealing in Osiajee Texfab shares. It has also directed Shreni Shares to deposit the alleged unlawful gains of ₹82.57 lakh in a fixed deposit within 15 days. Until then, restrictions will remain on the broker's bank accounts, demat accounts and other securities to secure the amount.
SEBI said the material available on record indicates a prima facie fraudulent scheme involving the management of a listed company, a registered stock broker and several connected entities. The regulator has ordered a detailed investigation into the alleged price manipulation and related violations, while clarifying that the interim directions will remain in force until further orders.
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