The Securities Appellate Tribunal (SAT) on Thursday stayed a 7 August Securities and Exchange Board of India (Sebi) directive against J. Kumar Infraprojects Ltd and Prakash Industries Ltd labeling them suspected shell companies.
Stock exchanges will now have to lift trading restrictions on these companies and allow regular trading of their shares. J Kumar and Prakash Industries shares will resume trading on Friday, BSE said in a late evening notice.
“We are prima facie of the opinion that the impugned communication issued by Sebi on the basis that the appellants are ‘suspected shell companies’ deserves to stay,” said SAT in its order.
Three companies—J. Kumar, Prakash Industries, and Parsvnath Developers Ltd—on Wednesday approached the tribunal against their inclusion in a list of 331 suspected shell firms against whom the market regulator sought action by stock exchanges.
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