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Tuesday, Mar 16, 2004

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Aftek promoters to move SAT over SEBI order

Our Bureau

Mumbai , March 15

THE promoters of Aftek Infosys Ltd have asked their legal advisors to move the Securities Appellate Tribunal with an appeal to set aside a recent order of the Securities and Exchange Board of India.

A news release from the company said the appeal would be against the SEBI order prohibiting the company from buying, selling or dealing in securities for a period of one year.

SEBI found the promoters guilty of violating several clauses in the SEBI regulations chiefly pertaining to the artificial increase or decrease in the prices of securities in a 1999 case that also involved the Ketan Parekh entities.

The Aftek promoters who were barred from dealing in securities are Mr Ranjit Mohan Dhuru, Mr Pramod Broota, Mr Nitin Kashinath Shukla, Mr Sandip Save, Mr Ashutosh Humnabadkar, Mr Ravindranath Umakant Malekar, Mr Mukul Suryakant Dalal and Mr Charuhas Vasant Khopkar.

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