SAT stays Sebi trading ban order on Parsvnath Developers

NEW DELHI: The Securities Appellate Tribunal (SAT) on Friday stayed the trade restriction order by securities market regulator Securities and Exchange Board of India (Sebi) on real estate firm Parsvnath Developers.

Parsvnath Developers on Friday also informed bouses that Crisil has revised the rating assigned to the long term bank facilities of Parsvnath from ‘Crisil – C’ to ‘Crisil- D’.

The rating agency has also revised the rating assigned to Rs 200 crore non-convertible debentures of the Parsvnath Landmark Developers, a wholly-owned subsidiary of the company from Crisil ‘Crisil -BB/Stable’ to ‘Crisil -BB-/Negative’.

Pincon Spirits and Signet Industries also moved to SAT against Sebi’s order of August 7.

Earlier, SAT on Thursday stayed the trade restriction order by the market regulator on J Kumar Infraprojects and Prakash Industries. Shares of both of these firms hit lower circuit when trading resumed on Friday.

J Kumar tumbled 19.99 per cent to Rs 226.95, while Prakash Industries plunged 20 per cent to Rs 111.20.

On late Monday, the stock market regulator had imposed trade restrictions on all 331 firms on suspicion 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.