Prakash Industries News

Shares of JKumar Infraprojects and Prakash Industries resumed trading on Friday, crashing by up to 20 percent to hit lowest trading permissible limit for the day, after SAT stayed trading restriction imposed on them.

The Securities Appellate Tribunal on Thursday stayed trading restrictions imposed on JKumar Infraprojects and Prakash Industries, which are among the 331 suspected shell companies identified by the government, saying Sebi passed the order without carrying out any probe.

The regulator has asked the exchanges to restrict trading in shares of 331 such companies, some of which have investments by several well-known domestic and foreign investors and the move spooked overall market sentiments on fears about possible action against more such firms.

CBI on Thursday told a special court that it was waiting for the nod of the Law Ministry to file an appeal in a coal scam case in which the Delhi High Court had quashed charges framed against Prakash Industries Ltd (PIL) and its director.

Prakash Industries did not offer any comments and the mail sent in this regard remained unanswered.