Sebi has informed the tribunal that it has taken only a first time action against the suspected shell companies after the Ministry of Corporate Affairs shortlisted the firms. Sebi has informed the tribunal that it has taken only a first time action against the suspected shell companies after the Ministry of Corporate Affairs shortlisted the firms. The Securities Appellate Tribunal (SAT) on Thursday stayed the order of capital markets regulator that tagged Prakash Industries and J Kumar Infraprojects as suspected shell companies. In its petition before SAT, J Kumar Infraprojects had requested that the Sebi direction on trading ban should be stayed with the immediate effect. The regulator said that it has not concluded that the all the companies are shell companies.

Source: Indian Express August 10, 2017 11:20 UTC