On March 21, 2025, Tumko Meri Kasam was released in theatres without much fanfare or hype. Directed by Vikram Bhatt, the social drama marked a departure from his usual fare of horror dramas with touches of eroticism. Tumko Meri Kasam opened to negative reviews and performed poorly at the box office. According to Sacnilk, the film earned a net total of INR 1.11 crore in India. However, it may have caused significant financial damage - amounting to INR 3,500 crore - for Indira IVF, a renowned fertility treatment provider. Did Anupam Kher Ask Mahesh Bhatt To Leave the Stage at ‘Tumko Meri Kasam’ Trailer Launch? Watch Viral Video To Know!

How so, you ask? The issue lay in the film’s plot and how its release did not sit well with the Securities and Exchange Board of India (SEBI).

Tumko Meri Kasam

The film is essentially a biopic of Dr Ajay Murdia, or as the makers claim, it is loosely inspired by his life, though the real names of those involved remain unchanged. The story follows Dr Murdia’s struggles in establishing a fertility clinic in Udaipur and the social stigma he faced for pursuing what was then an unconventional field - helping couples with fertility issues conceive. Eventually, he succeeds, and his clinic expands into a chain of fertility centres now known as Indira IVF Hospital Ltd.

Ishwak Singh (Rocket Boys, Paatal Lok) portrayed the younger Ajay Murdia, while Anupam Kher played him in his later years. Adah Sharma took on the role of his wife, Indira, after whom the hospital chain was named. The film also starred Esha Deol and Sushant Singh, with Vivek Oberoi serving as the narrator.

Watch the Trailer of 'Tumko Meri Kasam':

How 'Tumko Meri Kasam' Might Have Caused Trouble for Indira IVF Hospital Ltd

A month before the film’s release, Indira IVF Hospital Ltd had filed for an IPO worth INR 3,500 crore. An IPO, or Initial Public Offering, is the process through which a private company offers its shares to the public for the first time, becoming a publicly traded company on a stock exchange, like the NSE or BSE in India.

Despite a decline in net profit - from INR 266 crore in 2023 to INR 183 crore in 2024 due to expansion costs - analysts expected the company's IPO to attract investors at its ascribed value.

However, on March 19, 2025, just two days before the release of Tumko Meri Kasam, Indira IVF Hospital Ltd withdrew its IPO filing. According to media reports, SEBI raised concerns over the film’s timing, viewing it as a promotional tool designed to influence investor sentiment in favour of the IPO. Indira IVF Hospital Scraps IPO Plans; Withdraws Draft Papers.

Adding weight to SEBI’s concerns was the fact that Tumko Meri Kasam was produced by Indira Entertainment, a company headed by Dr Ajay Murdia’s sons, Dr Kshitiz Murdia and Nitiz Murdia, with Dr Ajay Murdia himself listed as a producer.

Dr Ajay Murdia With 'Tumko Meri Kasam' Cast During Trailer Launch

 

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A post shared by Ajay Murdia (@ajay_murdia)

SEBI perceived this as a potential violation of fair disclosure norms, prompting Indira IVF to put its IPO plans on hold indefinitely. It remains unclear whether the company will relaunch the IPO in the future. Stockholm-based investment firm EQT is believed to hold a majority stake in Indira IVF Hospital Ltd, while the Murdia family retains a minority share.

In a statement to NDTV Profit, a company spokesperson denied that SEBI had instructed them to withdraw the filing. Instead, they stated, "The company decided to withdraw the pre-filed DRHP (Draft Red Herring Prospectus) pursuant to the evaluation of various factors and commercial considerations." The DRHP is a preliminary document that companies submit to market regulators, such as SEBI in India, before launching an IPO.

(The above story first appeared on LatestLY on Mar 28, 2025 07:51 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).