Markets regulator Sebi has lifted the curbs imposed on Sanco Industries, which was among the suspected shell companies, after finding no prima facie evidence of misrepresentation of financials by the company. "...I do not find any prima facie evidence nor suspicion of misrepresentation of financials/ business by the company (Sanco Industries), misuse of books of accounts/ funds of the company or violation of LODR (Listing Obligations and Disclosure Requirements) Regulations," Sebi Whole Time Member Madhabi Puri Buch said in an order dated February 15.
Buch also said that she is of the considered view that the actions envisaged in Sebi's letter dated August 7, 2017 against Sanco Industries are "liable to be revoked". Sanco Industries was among the firms against whom the Securities and Exchange Board of India (Sebi) initiated action on August 7 by ordering trading restrictions, following receipt of a list of 331 'suspected shell companies' from the government. The ordered trade restrictions - allowing trade only once a month and that too for only buy transactions with a 200 per cent security deposit - were revoked in some cases a few days later following appeals filed by them with the Securities Appellate Tribunal, but Sebi was asked to continue with its probe and pass its orders expeditiously.
Markets regulator Sebi has lifted the curbs imposed on Sanco Industries, which was among the suspected shell companies, after finding no prima facie evidence of misrepresentation of financials by the company. "...I do not find any prima facie evidence nor suspicion of misrepresentation of financials/ business by the company (Sanco Industries), misuse of books of accounts/ funds of the company or violation of LODR (Listing Obligations and Disclosure Requirements) Regulations," Sebi Whole Time Member Madhabi Puri Buch said in an order dated February 15.
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