Market regulator Securities and Exchange Board of India on Thursday barred four companies and their respective promoters from trading on the bourses, for allegedly indulging in unfair trading practices.
Murli Industries, Ackruti City, Welspun Gujarat Stahl Rohren and Brushman India have been restrained by the regulator from trading on the stock exchanges.
In an order, Sebi said: "Murli Industries, Ackruti City, Welspun Gujarat Stahl Rohren and Brushman India and their respective promoters are directed to cease and desist from carrying out the activities, prima facie in contravention of the securities laws."
The market regulator has also barred one Sanjay Dangi and his group firms from dealing with any kind of securities. This ban has been imposed on charges of share price manipulation.
According to the order, preliminary investigations showed a "well-laid down strategy planned by promoters of the company (Murli Industries) along with Sanjay Dangi to manipulate the share price of the company before the issuance of the foeign currency copnvertible bonds (FCCBs)."
Meanwhile, realty firm Ackruti City's MD Vimal Shah said the company follows fair business practices and respects the law of the land.
"We are taking the legal advice to challenge the order with appropriate authorities," Shah said.
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