An independent audit by Manian & Rao has detailed the deployment of funds raised through a pre-IPO and initial public offering, covering activity up to June 30, 2026. The report reveals that a significant portion of the funds was allocated to General Corporate Purpose, allowing for operational flexibility but potentially impacting transparency for investors. Both the pre-IPO and IPO rounds saw unutilized balances, totaling INR 0.336 Crore and INR 2.033 Crore respectively, which were subsequently re-allocated to General Corporate Purpose. The audit also noted the initial use of funds as management deposits with Natureresidences Real Estate Development Private Limited and AVS Housing & Construction LLP, which have since been refunded. While the use of these deposits is potentially acceptable, the report highlights the need for clear justification and documentation regarding the refunds and plan modifications.
