Sebi’s Decision has No Basis, Say Most Cos
Sebi’s restrictions on trading in 331 stocks have impacted about 36 lakh investors. These include some big names, such as Rakesh Jhunjhunwala, DSP Blackrock, HDFC Mutual, Reliance Mutual and UTI among domestic investors. Foreign institutions like Goldman
The Mumbai-based company, which recently won the government contract of Mumbai Metro III rail, has over 25,300 retail investors as on June 2017 including HDFC AMC (3.7%), Goldman Sachs (3.6%), Smallcap World Fund (5.4%), UTI (2.5%) and Blackrock (1.96%). The stock has given a return of 38% so far this year.
J Kumar Infra is not a shell company and the suspicion of the regulator is uncalled for. We are rated IND A+ for fund-based limit, IND A1+ for non-fund-based limit and IND A1+ for commercial paper by India Ratings. Prakash Industries, which rose 207% so far this year, has a strong balance sheet. As on June 2017, there were 48,000 shareholders including BNP Paribas (3.4%), Sunidhi Capital (2%) and Rakesh Jhunjhunwala (1%).
We are not a shell company; we are a healthy profit-making company with an annual turnover of over 2,400 cr and profit of 78 crore for FY2016-17. J Kumar Infra Prakash Inds Parsvnath Devp Gallantt Ispat SQS India BFSI Adhunik Inds KKalpana Inds Signet Indus. Gallantt Metal Pincon Spirit Delhi-based real estate company has 1.96 lakh pubic shareholders including Fidelity (4.17%), ITF Mauritius (2.3%), Anand Rathi (2.1%) and Religare Finvest (1.04%).
We are shocked to see our company on the list of suspected shell companies. The direction issued by Sebi in terms of the letter under reference is completely uncalled for and is without any basis. We have never ever indulged in any malpractices in the stock market. A multinational company with 260 crore turnover and 24 crore profit for the year 2016-17 has nearly 15,000 public shareholders including IIFL (1.7%) and Kalpraj Dharamshi (3%).
We have been meticulously filing all the reports with the exchanges. SQS India has been a dividend paying company and parent company SQS Software Quality systems AG are based out of Germany and are listed on the AIM and London Stock Exchange. Company with a turnover over 1,500 crore for FY 2017 has over 15,500 public shareholders including Centrum (1.5%) and Axis Bank (1.1%).
Pincon Spirit has been a dividend paying company and paying government excise duties in crores. We find it quite surprising that the company has been placed under the surveillance list of shell companies. HIGHS & LOWS
J KUMAR INFRA Company Response: PRAKASH INDUSTRIES Company Response: PARSVNATH DEVELOPERS Company Response: ADVANCE & DECLINE SQS INDIA BFSI Company Response: PINCON SPIRITS Company Response: