SAT lifts trading curbs on shares of Parsvnath Developers, Kavit Industries

New Delhi: The Securities Appellate Tribunal on Friday lifted trading curbs on shares of Parsvnath Developers and Kavit Industries which are among the 331 suspected shell companies identified by the government.

Sebi, on August 7, asked stock exchanges to restrict trading in shares of 331 "suspected shell companies", some of which have investments by several well-known domestic and foreign investors.

"We have filed an appeal before SAT. Our plea is to set aside the Sebi order. We are not a shell company and we have complied with all the rules and regulations and not evaded any tax," Parsvnath chairman Pradeep Jain had earlier said.

On Tuesday, many of the companies tagged annual reports and other financials along with their filings to press upon the exchanges that they are not shell companies and are in compliance with all regulations.

"We are shocked to find our company's name amongst the list of suspected shell companies as a result of which, our equity shares...Are being shifted to GSM VI on the stock exchanges.

"As a result, our company's securities may be traded only once in a month on a trade to trade basis and Sebi has envisaged a "financial audit" thereby implicitly castigating us and tarnishing our reputation," Parsvnath had said.

With PTI Inputs