The Securities Appellate Tribunal has stayed trading restrictions on two more listed entities that were among the 162 “suspected shell companies” put in once-in-a-month trade category by the market regulator.
The tribunal has asked exchanges to resume trading “as expeditiously as possible” in Hit Kit Global Solutions Ltd. and Sanco Industries Ltd. They join eight other firms, including J Kumar Infraprojects Ltd. and Parsvnath Developers Ltd., that have won relief from SAT.
Also Read: SEBI Asks Exchanges To Act Against 331 Suspected Shell Companies
Based on inputs from the Serious Fraud Investigation Office and the Income Tax Department, the ministry of corporate affairs had handed over a list of 331 suspected shell companies to the Securities and Exchange Board of India.
SEBI put 162 of the 331 entities in the restricted trade category with effect from August 8. After SEBI's action, many of these firms have submitted annual reports and other financials, along with their filings, to press upon the exchanges that they are not shell companies and follow all regulations.
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