The Securities Appellate Tribunal (SAT) on Wednesday asked the securities market regulator SEBI to hear J.Kumar Infraprojects Ltd objecting to being classified as a `shell company', said the company's attorney.
"The company had approached SAT today (Wednesday) against SEBI, NSE and BSE classifying it as a `shell company'. The SAT had asked SEBI to hear the company on Thursday and take a decision, failing which the SAT would decide the company's appeal on merits," Amit Bikram Dey, Attorney for J.Kumar Infraprojects, told IANS over phone from Mumbai.
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He said J.Kumar Infraprojects had made an appeal to SEBI against its order classifying it as a `shell company'.
According to Dey, the action of Securities and Exchange Board of India (SEBI) is a follow-up of a communication from the Ministry of Corporate Affairs listing out several companies as suspected `shell companies'.
Dey said, the SEBI order/circular does not detail any evidence to indicate the companies as `shell companies'.
J.Kumar Infraprojects had listed SEBI and others as respondents in its appeal to SAT.
According to the company, it closed last fiscal with a total income of Rs 1,466.22 crore and a net profit of Rs 105.51 crore. Majority of its clients are government authorities.
Similarly, Prakash Industries Ltd also affected by the SEBI circular has approached SAT for remedy.
The SEBI has imposed trade restrictions on 331 firms which are suspected of being "shell companies".
The aforesaid securities were placed in suspended animation from Tuesday, as exchanges stated that the trade in these stocks shall be permitted only once a month.
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