SEBI bars organizations

Securities and Exchange Board of  India, in an order barred Murli Industries Ltd, Ackruti City, Welspun Gujarat Stahl Rohren Ltd and Brushman India and their respective promoters from trading on the stock exchange.

These companies were charged of manipulating share prices before the of issue of convertible shares and  placement of private institutional investors, have decided to take action against market regulator’s decision.

Realty firm Ackruti City said it is taking legal advice to challenge the order and claims to follow fair business practices.

Welspun Wintex, a promoter group entity of Welspun Corp, said that they are going to approach higher authorities for relief and the company is in full compliance with the prevailing rules, regulations and guidelines.

In an order, SEBI,  directed Murli Industries Ltd, Ackruti City, Welspun Gujarat Stahl Rohren Ltd and Brushman India and their respective promoters to cease and desist from carrying out the activities. SEBI has also barred Sanjay Dangi and his group firms from dealing with any kind of securities.

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