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 Economic Times - - Smart - Mar­ket In­tel­li­gence

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:

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