SAT allows individual to sell shares in 12 companies

The Securities Appellate Tribunal (SAT) today allowed an individual from selling shares held by him in 12 companies, including TVS Motor and Hathway Cable In a 2012 order, Securities and Exchange Board of India Sebi ) had imposed a restriction on Anil Dave to not to sell the shares in 12 firms in a matter related to irregularities in Tijaria Polypipes' IPO.However, SAT today allowed Dave to sell his shares in 12 firms and deposit the proceeds with the Sebi which would keep it in an interest bearing account on its receipt immediately.Dave had approached SAT with an appeal to direct Sebi to allow him to dispose of shares held by him.He submitted to SAT, that Sebi's ban was against Grishma Securities and certain other entities but did not include his name. However, by way of implication, he has been restrained from selling the shares in question.Among other things, SAT noted that no investigation was conducted against Dave, before passing orders against him.It said that "the prices of various scrips mentioned by the appellant are stated to be going down, prejudicially affecting the interest of the appellant"."Therefore, the prayer of the appellant to sale the same and deposit the proceeds with Securities and Exchange Board of India in an interest bearing account is just and fair," it added.