SAT Lifts Curbs on Parsv­nath, 5 Oth­ers, but Probes can Go On

The Economic Times - - Markets: Beating Volatility - Sanam Mir­chan­dani @times­group.com

Mumbai: The Se­cu­ri­ties Ap­pel­late Tri­bunal (SAT) on Fri­day lifted curbs on trad­ing in shares of six sus­pected shell com­pa­nies a day af­ter it al­lowed trans­ac­tions to re­sume in the scrips of J Ku­mar In­frapro­jects and Prakash In­dus­tries, pro­vid­ing re­lief to in­vestors in firms that re­port­edly deal in in­dus­tries as di­verse as prop­erty and al­co­holic bev­er­ages.

“It is made clear that this or­der shall not come in the way of Sebi as well as the stock ex­changes to in­ves­ti­gate the case of the ap­pel­lant com­pany and ini­ti­ate pro­ceed­ings if deemed fit,” the SAT said, re­fer­ring to its rul­ing that would al­low trad­ing to re­sume in the six coun­ters.

The com­pa­nies granted re­lief by the SAT in­clude Parsv­nath De­vel­op­ers, Kavit In­dus­tries, Pin­con Spirit, Signet In­dus­tries, SQS In­dia BFSI, and Kkalpana In­dus­tries.

Parsv­nath, for in­stance, is known as a prop­erty de­vel­oper in and around the out­ly­ing sub­urbs of Delhi-NCR, while the web­site of Kolkata-based Pin­con says the com­pany is en­gaged in blend­ing al­co­holic bev­er­ages.

On Mon­day, In­dia’s mar­ket reg­u­la­tor Sebi di­rected stock ex­changes to take ac­tion against 331 sus­pected shell com­pa­nies. The eight pro­vided re­lief by SAT fea­tured in the orig­i­nal list of stocks fac­ing Sebi curbs.

Stock ex­changes have said that th­ese six com­pa­nies will be moved out of the Graded Sur­veil­lance Mea­sure frame­work and be avail­able for trad­ing with ef­fect from Mon­day.

ANIR­BAN

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