In its probe, Sebi found that the scheme of issuance of GDRs was fraudulent as Nakoda had entered into a pledge agreement with European American Investment Bank or EURAM Bank for a loan that had been availed by Vintage towards the subscription of GDRs issued by the company.

The board has approved fundraising of up to Rs 800 crore by issuing non-convertible non-cumulative participating redeemable preference shares (NCPRPS) of the face value of Rs 10 each, which constitutes 0.01 per cent of the fully paid-up capital on a private placement basis to the promoters.

The IPO of the Bangalore-based startup includes an issue of 3,62,90,000 equity shares of face value Re 1 each for cash at Rs 10 per equity share. The IPO will not have an offer for sale (OFS) component.Infurnia co-founders Nikhil Kumar and Lovepreet Mann will hold the largest share in the startup at a combined share of 50.64%.

“By outperforming, I don't mean our markets will go up, but we will probably not fall as much as others. And if we don't fall as much, we will probably outperform on the upside. This is because of negligible leverage in our markets & all the folks waiting to invest in India,” Kamth said in a tweet.

At 10:24 a.m. ET, the Dow Jones Industrial Average was down 184.94 points, or 0.58%, at 31,914.05, the S&P 500 was down 28.81 points, or 0.71%, at 4,001.80, and the Nasdaq Composite was down 86.17 points, or 0.72%, at 11,931.50.

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“The index is likely to witness selling pressure near 17,815-17,900. However, the overall structure suggests that a sharp decline in the short term is unlikely. What we can expect is a short-term consolidation in the broad range of 17,200-18,000,” Ratnaparkhi said.

Fairfax has more than 10 per cent shareholding in two mutual fund houses - Quantum Mutual Fund and IIFL Mutual Fund.HWIC Asia, an affiliate of Fairfax Financial Holdings, has a 49.2 per cent stake in Quantum Advisors, the sponsor of Quantum Asset Management Company and Quantum Mutual Fund.