Sterlite, Videocon, BPL to challenge SEBI order

NEW DELHI, APRIL 20. Sterlite, Videocon and BPL said today that they would challenge the Securities and Exchange Board of India (SEBI) order banning them from accessing capital market on charges of price manipulation and denied any links with prime accused Harshad Mehta who was permanently debarred from the market by the regulator. ``We deny all the charges. We are going to appeal against the SEBI order at the appellate tribunal on Monday," chairman of Videocon International, Mr. V. N. Dhoot, told PTI. Echoing the sentiments, Sterlite Industry's finance director, Mr. Tarun Jain, said ``We will appeal against the order next week. We have no relation, no contact and no deals with Harshad Mehta." The market regulator had yesterday barred BPL for four years, Videocon for three and Sterlite for two years from entering the capital market to raise resources and order prosecution of their directors on the issue of price manipulation. BPL's company secretary, Mr. Raja Ram, said ``The order of SEBI, as made known through the press, in the opinion of BPL's counsel, is unsustainable in law. The threatened prosecution of directors without an opportunity of hearing is bad and against all norms of justice." - PTI