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The Securities and Exchange Board of India on Monday vacated its order restraining some of the promoter entities of Welspun Corp from selling, buying or dealing in the securities of the company and its listed entities. Following this, the Welspun Corp stock was up two per cent at Rs 140 on Monday.
The Group's listed companies include Welspun Global Brands, Welspun India, Welspun Investment and Commercials, Welspun Projects and Welspun Syntex.
“The decision was based on the findings of our investigation and no action or proceedings are recommended against Welspun Corp (formerly Welspun-Gujarat Stahl Rohren),” said SEBI.
Following this, the interim directions issued on December, 2010, are revoked, considering the proposed adjudication proceedings and also the fact that the entities have already undergone debarment for a period of 15 months, said the capital market regulator said.
Welspun Corp was barred from trading on the stock exchanges for allegedly indulging in fraudulent and unfair trade practices.
Mr B.K. Goenka, Chairman and Managing Director, Welspun Group, said the judgment exonerating Welspun Group promoters reaffirms highest standard of corporate governance and ethical practices within the Group.
The $3.5-billion Group, which has business interest in line-pipe and home textiles, has Fortune 100 company clients including Chevron, Exxon Mobil and Wal-Mart.
suresh@thehindu.co.in
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