Ackruti City taking legal advice on SEBI ban order

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Realty major, Ackruti City, on Friday said that it was taking legal advice to challenge the SEBI order banning it and its promoters from trading on the stock exchanges.

In a statement Mr Vimal Shah (Ackruti City's Managing Director) said that, "We are taking legal advice to challenge the order with the appropriate authorities." He further added that, "As a matter of policy, we follow fair business practises and respect the law of the land."

On Thursday (2nd December 2010), capital market regulator, SEBI, had banned four companies, Ackruti City, Murli Industries, Welspun Gujarat Stahl Rohren and Brushman India and their respective promoters from trading on the stock exchanges for allegedly indulging in unfair trading practises.

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