Triumph International moves SC against SEBI
Triumph International Finance India has moved the Supreme Court challenging stock market regulator SEBI's decision to bar it from trading business.
By PTI |
NEW DELHI: Triumph International Finance India on Friday moved the Supreme Court challenging stock market regulator SEBI's decision to bar it from trading business.
A bench headed by Justice S H Kapadia refused to give any relief and asked the company to comply with the accounting standards under the Companies Act.
It asked the company to submit a certificate issued by a Chartered Accountant giving details that it had no connection with Ketan Parekh, who was banned for rigging stock prices between 1999-2000. Besides, it has to give details about the balance sheet, etc.
Regulator SEBI in 2001 had cancelled the certificate of registration granted to Triumph on charges of price rigging.
Counsel Anil Diwan, appearing for Triumph, stated that Securities Appellate Tribunal (SAT) had given a finding in its favour and that it had no connection with Ketan Parekh or his associates.
SAT, while dismissing Triumph's petition against the SEBI order, had, however, held that it was not controlled by Parekh who was banned for 14 years by the regulator for price rigging in scrips of major firms like Zee TV, Himachal Futuristics Communication Ltd, Global Trust Bank and Lupin.
A bench headed by Justice S H Kapadia refused to give any relief and asked the company to comply with the accounting standards under the Companies Act.
It asked the company to submit a certificate issued by a Chartered Accountant giving details that it had no connection with Ketan Parekh, who was banned for rigging stock prices between 1999-2000. Besides, it has to give details about the balance sheet, etc.
Regulator SEBI in 2001 had cancelled the certificate of registration granted to Triumph on charges of price rigging.
Counsel Anil Diwan, appearing for Triumph, stated that Securities Appellate Tribunal (SAT) had given a finding in its favour and that it had no connection with Ketan Parekh or his associates.
SAT, while dismissing Triumph's petition against the SEBI order, had, however, held that it was not controlled by Parekh who was banned for 14 years by the regulator for price rigging in scrips of major firms like Zee TV, Himachal Futuristics Communication Ltd, Global Trust Bank and Lupin.
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