Welspun Group to challenge SEBI ban order

MUMBAI: Welspun Group today said it is consulting its legal counsel and will challenge the SEBI order on an appropriate platform for banning its promoters on trading on the stock exchange.

"We strongly deny any direct or indirect involvement in any price manipulations that has been alleged," Welspun Group's spokesperson said in a statement here.

"We are consulting our legal counsel and will challenge the SEBI order on an appropriate platform," spokesperson said.

Yesterday capital market regulator, Sebi, had banned four companies--Ackruti City, Murli Industries, Welspun Gujarat Stahl Rohren and Brushman India and their respective promoters from trading on the stock exchanges for allegedly indulging in unfair trading practices.

The spokesperson said that Welspun group is based on strong ethical practices and sincerely practice transparency in all its operations. "We always strive to be in full compliance," he said.