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Capital markets regulator Sebi has passed an interim order against SME-listed Kore Digital and three of its key managerial personnel after a probe found prima facie evidence of manipulated financial statements, allegedly non-genuine subsidiaries, suspicious accounting entries and diversion of preferential issue proceeds.

Sebi has restrained managing director Ravindra Doshi, chief executive officer Chaitanya Doshi and chief financial officer Kashmira Doshi from buying, selling or otherwise dealing in Kore Digital shares until further orders. The regulator has also barred the company and the three individuals from accessing the securities market to raise money from the public.

Sebi also directed NSE not to allow Kore Digital to migrate from the NSE Emerge SME platform to the main board until it receives regulatory clearance. A forensic auditor will be appointed to examine the company’s books from the date of its listing in June 2023 until March 31, 2026.

At the centre of Sebi findings are three companies acquired by Kore Digital — Franken Telecom, Wolter Infratech and KDL Realinfra — whose revenues were subsequently consolidated into Kore’s financial statements.

The regulator said these subsidiaries and their step-down subsidiaries accounted for a large part of Kore’s reported growth. Kore’s revenue from operations rose from Rs 21.27 crore in FY23 to Rs 408 crore in FY26. On average, around 75% of consolidated revenue came from subsidiaries.

According to the interim order, Kore’s consolidated financial statements were prima facie misstated by around Rs 541.3 crore during FY25 and FY26, representing roughly 73% of its total revenue over the period.
The regulator noted that the three subsidiaries had been incorporated only months before Kore acquired them. They shared the same registered address and had either little or no filing history with the Ministry of Corporate Affairs.GST registrations of Franken and Wolter were cancelled shortly after registration, while KDL Realinfra’s registration became inactive on the same day it was registered, according to the order.

Surprise site visits conducted by NSE in June 2026 also failed to establish the presence of these companies at their stated addresses. Similar findings were recorded for several step-down subsidiaries and entities that had financial transactions with Kore.

Sebi’s examination also raised serious concerns about the audit records of the subsidiaries.

CA Riya Goyal, whose name appeared on financial statements submitted as audited accounts of the subsidiaries for FY25, told Sebi that she had only certified provisional financial statements and had not conducted their statutory audit.

Sebi said this prima facie indicated that the audit reports carrying her signature and stamp were forged.

In another case, limited review reports attributed to CA Nikhil Gupta carried UDIN numbers that were generated only after Sebi sought information, even though the reports were purportedly signed earlier.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.

SANTA FE SPRINGS, CALIF. — Juanita’s Foods, a portfolio company within Apex Capital, has acquired a facility in Santa Fe Springs that will become its primary production site.

The manufacturer of Mexican-style soups, stews and sauces as well as menudo pozole and hominy, is moving production from its Wilmington, Calif., plant into the 120,000-square-foot Santa Fe Springs facility.

The move will support growth and meet demand specifically for its core menudo, pozole and hominy products for retail and foodservice channels, the company said.

“For 80 years, Juanita’s has been made in Southern California, and this investment keeps it that way,” said Robert Rosales, chief executive officer of Juanita’s Foods. “Santa Fe Springs gives us the capacity, capabilities and room to grow that our brand needs for its next chapter.” 

The FTSE 250 company said it delivered a “strong performance” in July and August

Power generation firm Drax has upgraded its profit forecast for the year following a surge in demand driven by the summer heatwave.

The Yorkshire company’s shares edged upwards on Thursday morning in response to the announcement.

Drax group chief executive Will Gardiner said robust trading momentum had continued into the second half of 2026, as its facilities “helped meet power demand through the summer heatwave, turning up and turning down as required to help balance the system”.

The National Energy System Operator (Neso) issued four appeals for additional power capacity during the summer months, with the majority of these linked to soaring temperatures.

The FTSE 250 firm informed shareholders that it had delivered a “strong performance” throughout July and August. It now anticipated adjusted earnings for 2026 to land “around the top” of analyst expectations.

Drax said its performance had also been strengthened by its acquisition of renewable infrastructure investor Bluefield Solar Income Fund (BSIF). The £561m takeover of Bluefield was completed in August as part of the company’s strategy to diversify its power generation portfolio.

Mr Gardiner said: “Our strong operational performance has continued into the second half of 2026, as our generation assets have helped meet power demand through the summer heatwave, turning up and turning down as required to help balance the system. At the same time we are investing for the future in UK energy security, growing our megawatts under management and transitioning Drax into a broader business at the heart of the UK energy system, whilst keeping the lights on for millions of households across the country.

“The addition of BSIF brings significant benefits to the group and the integration is going well. Alongside the rest of our portfolio, BSIF gives us a fantastic opportunity to grow our asset base and system services further. This is an exciting time for Drax and through our plans for solar, batteries, OCGTs, hydro and 4GW of grid access at our Selby site, we are helping to drive economic growth across the country and support jobs, aligned to the priorities of the UK Government.”

It is understood that chairman of Glamorgan Cricket and former investment banker Mark Rhydderch-Roberts was interviewed on a shortlist of three

Former investment banker and Glamorgan Cricket Club chairman, Mark Rhydderch-Roberts, called for the Welsh Rugby Union (WRU) to pause plans to reduce the number of professional regions from four to three during a shortlist interview to become the union’s next chairman, it is understood.

The WRU has this conducted face-to-face interviews with three shortlisted candidates in Cardiff for the position of independent non-executive chairman, following the departure of Richard Collier-Keywood over the summer.

The interviewing panel consisted of board members John Manders, Alison Thorne, Amanda Bennett, Andrew Williams and Marianne Okland.

Following his interview, we understand that Mr Rhydderch-Roberts, who played rugby for Bath and Pontypridd and is also currently an executive director of Pontypridd RFC, was informed by the headhunters appointed by the WRU, GatenbySanderson, that he had not been successful.

The board had been keen for Mr Collier-Keywood to continue for a further three-year term and oversee its strategy of reducing the number of regions while investing more heavily in the game’s rugby pathways. The reason for his departure remains unclear, but his exit after a three-year term left a vacancy at the helm of the WRU board.

Former senior partner of global management consultancy McKinsey and Company, Harry Bowcott, whose grandfather Henry Morgan Bowcott played for Wales in the inter-war years and later became a WRU president, is also understood to have made the final shortlist. It is understood that the interviewing process has yet to conclude.

Mr Rhydderch-Roberts declined to comment. However, a source with knowledge of the interviewing process said:”Mark was unequivocal that, if appointed, he would call for the plans to reduce the number of regions to be put on hold. . He also indicated that without radical solutions to the huge challenges currently facing Welsh rugby there is a very real danger of it becoming tier two permanently.

“He was also pretty robust in arguing that the WRU should immediately open negotiations with the RFU and owners of the English Premiership clubs to secure places for two Welsh clubs in the English Premiership as soon as possible, with a view to adding the other two in due course. He also said he would be supportive of a British and Irish League.”

Crickhowell-born Mr Rhydderch-Roberts had a 28-year career in investment banking, during which he held senior positions at a number of global financial institutions, including UBS Warburg, Schroders and Swiss Re.

As well as serving as chairman of Glamorgan and co-chair of Hundred competition franchise team Welsh Fire, he also chairs the International Convention Centre Wales.

The source added: “He did not accept that having four professional regions was financially unsustainable and outlined a number of funding options for the union to generate much-needed new revenues.

“Mark’s view was that anyone taking on the chairmanship couldn’t do so having already endorsed the union’s existing position that the number of regions needed to be reduced. Any candidate, given their fiduciary duties, would first want to consider the business case presented by the executive team, endorsed by the board, underpinning the union’s decision to cut a region.”

Cricket is a global sport that benefits hugely from the support and commercial interest in India. We also understand that in his interview Mr Rhydderch-Roberts also outlined how the Hundred franchise Welsh Fire has attracted a new younger and diverse audience into cricket and turbocharged the commercial development of the women’s game.

He also focused on an optimistic vision and an end to managed decline, setting an ambitious and positive commercial and strategic direction of travel for the game in Wales. This would see a shift in emphasis towards traditional clubs, schools and community rugby and a pivotal role in the elite path for Welsh universities competing in the BUCS super league, as well as a single national academy.

He was interviewed on a condition of being able to retain his cricket roles.

Separately, the so-called “coalition of the willing”, which includes former Hodge Bank and Principality Building Society chief operating officer Rob Regan and GoCompare founder Hayley Parsons, is seeking the support of member clubs for an extraordinary general meeting (EGM), with a motion to remove the union’s board. This doesn’t have to be the entire board, but potentially just the current non-executive directors and not the newly appointed chair.

If successful, the group would install a new interim board and pause plans to reduce the number of regions.

Under section 62 of the WRU’s articles of association, a no-confidence resolution would require just a majority of clubs voting at the EGM to be passed. To be quorate, it would require 95 members in attendance. Proxy and remote electronic voting would be permissible.

For the EGM to be held, it would first need the backing of 10% of the 282 member clubs. If the threshold is achieved, the union would have 21 days to formally acknowledge the request and schedule the meeting. This would usually be around a month later. The coalition of the willing has set a target of getting the backing of 150 clubs ahead of any EGM, which could prove a tall order.

If the board were ousted, or a number of named directors removed, a temporary board would have to be created, made up of representatives from the districts – but not those currently on the board. They would not need club approval to bolster their ranks by bringing in external people with commercial expertise.

The group would then scrutinise the data underpinning the WRU’s decision, while exploring alternative funding avenues, including the possibility of a rugby bond, with the aim of maintaining four regions in the long term. It will also look at what risk assessment was undertaken by the union on the impact of losing a region, both economically and on the game. However, the group has said that reducing the number of regions could not be ruled out.

The WRU plans to reduce the professional regions from four to three from the start of the 2028-29 season, with just one club based in west Wales.

With the Scarlets and Ospreys currently having no plans to merge, the two clubs could find themselves bidding against each other – assuming both agree to participate – for a single west Wales licence.

The WRU has said it will shortly publish details of the bidding process, including how competing bids will be assessed and scored. The union is expected to open the process in December, with a decision on the holder of the west Wales licence due next spring.

The developments come as Swansea Council, potentially alongside other parties, has revived legal action against the WRU, claiming that the governing body has breached competition law by effectively protecting the Dragons and Cardiff, the latter of which it owns, as two of the planned three regions.

The WRU remains confident it will successfully defend the legal challenge.

Marshall Land Systems has commenced a relocation from Cambridge to Merthyr

A defence company has confirmed its relocation to Wales in an investment that will create 250 new jobs.

Canadian-owned Marshall Land Systems, which designs and manufactures specialist deployable defence infrastructure, has begun the process of relocating production from its Cambridge facility to a vacant factory and office site in Merthyr that was previously occupied by Vision Modular Systems.

Work is under way installing production lines at the Merthyr site. Head count is expected to reach 160 when the site achieves full production capacity by the end of this year.

Over the next five years, based on its current order book alone, Marshall is confident of growing its workforce in Merthyr to 250. However, with the UK Government and other countries committing more of their budgets to defence and security, Marshall is well positioned to win additional contracts that could see even more jobs created at its Merthyr site.

The Welsh Government is supporting the relocation with just under £1m of investment. This includes around £800,000 to make the site more secure as a defence production location, with the remainder going towards training support.

Only a handful of the firm’s existing team in Cambridge, where it will maintain a head office and engineering operation, are relocating to Wales.

The firm’s deployable infrastructure ranges CT scanners and medical facilities to mechanical maintenance and command centres. Its new assembly plant was chosen after a UK-wide search, and will produce deployable infrastructure that will protect NATO personnel on operations, humanitarian missions, and on bases.

The average salary at the factory will be around £32,000, while Marshall is also looking to take on around 15 apprentices.

The firm has entered into a 15-year lease with the owner of the building, Figsand, with an option to acquire it. The Merthyr site extends to 191,600 sq ft and occupies 8.2 acres at Merthyr Industrial Park.

The factory, which was marketed by the Cardiff office of Knight Frank, had been vacant since before the pandemic.

As well as its Canadian and UK operations, Marshall Land Systems has a factory in the Netherlands. It currently has a global workforce of 600.

The firm’s current production operation on land around Cambridge Airport is being wound down and will cease when the Merthyr site reaches full capacity. It will eventually need to find a new location in the area for a new head office and engineering operation, as its former parent company, Marshall Group, is looking to sell land around Cambridge Airport for residential development.

The business was acquired by Canadian investment firm Flowing River Capital Partners last November.

Gareth Williams, chief executive of Marshall Land Systems, said:“The deployed infrastructure for which Marshall Land Systems is famous protects our own personnel and our NATO allies in the most extreme and hostile environments.

“Wales already contributes more than its share to the number of men and women serving in our armed forces, and our decision to site our assembly plant in South Wales means that the economic benefit and jobs involved in defence investment will be felt in our local communities around the facility in Merthyr.

“We are making a strong statement that defence investment can be the catalyst for well paid jobs and a brighter future for our industrial communities. In an increasingly volatile world, the work we do and the technology we produce will directly support people from these communities serving on the front line.”

Cabinet Minister for Enterprise, Connectivity and Energy, Adam Price, said:“We welcome the decision by Marshall Land Systems to establish its new manufacturing facility in Merthyr. This investment reflects the strength of Wales as a location for advanced manufacturing and the quality of our workforce. We are focused on building a stronger, more productive economy and creating well-paid jobs in every part of Wales.

“The defence, security and national resilience sectors support thousands of highly skilled jobs and play an important role in our industrial economy. This development will bring new opportunities to Merthyr and the wider region, and we look forward to working with the company and the sector to support economic growth, innovation and prosperity in a way that is consistent with Welsh values and our commitment to human rights and international law.”