LS Industries barred from securities market dealings

Mumbai: Sebi has barred LS Industries from dealing in securities market for allegedly involving in unfair trade practices. "Facts emerging out of the instant case present an intriguing situation where shares of a listed company having nil revenue and no business activity for past many years have traded/are trading at prices giving the company a market capitalization worth thousands of crores," Sebi said.

An ex-director of company, having 12.12% shares, nominally valued at ₹10.28 crore, is said to have sold entire shareholding to an NRI for one dollar only.