SAT sets aside Sebi order on Aftek Infosys

Securities Appellate Tribunal (SAT) has set aside the Securities and Exchange Board of India (Sebi) order barring promoters of Aftek Infosys Limited including Ranjit Dhuru, from the securities market for a period of one year. Market regulator Sebi had barred the company’s promoters from the capital markets for one year for allegedly colluding with the Ketan Parekh group entities in the creation of an artificial market and volumes in the scrip causing artificial shortage of shares to induce investor interest in the scrip. In its order, SAT said Sebi’s argument that the promoters could have could have sold these shares at a higher price to pay off the financiers was totally untenable as the shares were just not available for offering to any other buyers. —PTI