Sebi has passed an interim order against Nirman Agri Genetics Ltd (NAGL) and promoter Pranav Kailas Bagal, restraining them from the securities market. Nearly 93% of the Rs 20.3 crore SME IPO proceeds were allegedly diverted to bogus and promoter-linked entities. The probe revealed conflicting fund disclosures and missing agreements, raising serious concerns about corporate governance and investor protection.