Ackruti City to challenge trading ban on founders

Ackruti City to challenge trading ban on founders

Mumbai: Real estate firm Ackruti City Ltd will seek legal advice to challenge an order by the capital markets regulator barring its promoters and related entities from trading in the firm’s stocks, citing “fraudulent and unfair" trade practices.

“As a matter of policy, we follow fair business practices and respect the law of the land. We are taking legal advice to challenge the order with appropriate authorities," managing director Vyomesh Shah said in a statement late Thursday.

The Securities and Exchange Board of India (Sebi) had also barred founders of Murli Industries, Welspun Corp and Brushman India from trading in shares of group firms.

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