SAT stays Sebi order barring Omaxe, others from securities market for 2 yrs

The Securities Appellate Tribunal (SAT) has stayed a Sebi order that barred realty firm Omaxe, its Chairman Rohtas Goel, Managing Director Mohit Goel and others from the securities market for two years for misrepresentation in the company's financial statements.

The latest order came after Omaxe and others challenged the order passed by the Securities and Exchange Board of India (Sebi) on July 30.

In its ruling on October 1, the appellate tribunal said, "direction at paragraphs No. 41(1) and (2) shall remain stayed, subject to deposit of penalty amount by the appellant within four weeks".

Paragraphs No 41(1) and (2) pertain to securities market ban and prohibition from holding any position as key managerial personnel of any other listed company imposed on individuals by Sebi.

Sebi, in its ruling, restrained Omaxe, Rohtas Goel, Mohit Goel and three others -- Sudhangshu S Biswal, Arun Kumar Pandey, and Vimal Gupta -- from the securities markets for two years.

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