Learnfluence Running Lakshya CA Campus’ IPO Built on Forgery? Ex-Promoter approaches Kerala HC against SEBI and IPO
The petition alleges that shares not owned by the proposed sellers are being offloaded through the IPO, exposing investors to huge risk and undermining market integrity. It was pleaded not to issue the shares.
The Ex-promoter of Learnfluence Education Limited running Lakshya filed a writ petition before the KeralaHigh Court challenging the proposed Initial Public Offering (IPO) of the company behind the well-known Lakshya CA Campus platform, raising multiple allegations of fraud, forgery, and corporate misconduct. The matter was listed today before the bench of Justice G. Girish....
The Ex-promoter of Learnfluence Education Limited running Lakshya filed a writ petition before the KeralaHigh Court challenging the proposed Initial Public Offering (IPO) of the company behind the well-known Lakshya CA Campus platform, raising multiple allegations of fraud, forgery, and corporate misconduct.
The matter was listed today before the bench of Justice G. Girish.
The petitioner, Adheesh Damodaran, ex- promoter and co-founder of Lakshya CA Campus has questioned the legitimacy of the IPO, contending that it is built on manipulated records, distorted shareholding structures, and artificially inflated valuation.
Adheesh Damodaran and Orwel Lionel co-founded Lakshya in 2012 and later Learnfluence (2021) as equal partners. Damodaran alleges that in 2024, a conspiracy forced his exit using forged resolutions, a fake resignation, and fraudulent emails to file compliance documents without his knowledge.
In his plea, Damodaran has alleged that the company’s majority shareholder, in collusion with others, orchestrated “pervasive forgery of statutory records” and unlawfully altered the shareholding pattern.
The petition alleges that shares not owned by the proposed sellers are being offloaded through the IPO, exposing investors to huge risk and undermining market integrity.
Mr. Adheesh Damodaran further claimed that despite multiple complaints, SEBI failed to act, and this inaction amounts to arbitrary conduct, violating Article 14 of the Constitution.
The petitioner alleges his 50% stake was unlawfully diluted to 1.54% between 2023 and 2025 through unauthorized share issuances, while the majority shareholder’s holding surged beyond 98%.
He further claimed the company’s valuation jumped from ₹1.7 crore to nearly ₹400 crore within a year, based on manipulated financials. Additionally, he accuses the majority shareholder of misappropriating intellectual property by registering Lakshya’s key trademarks in his personal name instead of the company’s.
The issue has escalated to criminal proceedings, with an FIR registered for cheating, breach of trust, and forgery, and the ED taking cognisance. Despite this, the company proceeded with its IPO, filing draft papers in September 2025, reported Livelaw.
The petitioner has now approached the Kerala High Court seeking an immediate halt to the IPO, suspension of share allotment, and a direction to SEBI to investigate.
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