IL&FS Engineering jumps 4% as SAT quashes Sebi's order
Following the development, the stock rose 3.82 per cent to hit a high of Rs 28.50 on BSE.
By ETMarkets.com |
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NEW DELHI: Shares of IL&FS Engineering jumped nearly 4 per cent in Thursday's trade after the company said that Securities Appellate Tribunal (SAT) has quashed a Sebi penalty order on insider trading.
Following the development, the stock rose 3.82 per cent to hit a high of Rs 28.50 on BSE.
The matter was heard by SAT on June 22, wherein the company's appeal was allowed and the impugned Sebi order dated September 10, 2015 was quashed and set aside.
"We wish to inform that, the company had earlier filed an appeal with SAT against the SEBI Order dated September 10, 2015 in which SEBI has directed the Company to disgorge an amount of Rs 59,16,49,091along with simple interest at 12 per cent per annum from January 7, 2009 till the date of payment in the matter of alleged insider trading activity during the period when the company was under the control of erstwhile promoters," the company said.
Following the development, the stock rose 3.82 per cent to hit a high of Rs 28.50 on BSE.
The matter was heard by SAT on June 22, wherein the company's appeal was allowed and the impugned Sebi order dated September 10, 2015 was quashed and set aside.
"We wish to inform that, the company had earlier filed an appeal with SAT against the SEBI Order dated September 10, 2015 in which SEBI has directed the Company to disgorge an amount of Rs 59,16,49,091along with simple interest at 12 per cent per annum from January 7, 2009 till the date of payment in the matter of alleged insider trading activity during the period when the company was under the control of erstwhile promoters," the company said.
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