Prakash Industries on a new high

Prakash Industries went on to hit a new high today morning at Rs.184 from Friday’s close of Rs.170.80; it came off the high but remains almost 5% up at Rs.179.

It was good news for Prakash Industries which was hammered down to pulp after it was named by SEBI under the suspected 331 “shell company” racket.

On Friday, SEBI issued a statement saying that it has found no prima facie evidence of any misrepresentation of financials in the company.

SEBI, in its letter stated, “In absence of prima facie evidence/ suspicion of misrepresentation of financials/ business by the company (Prakash Industries), misuse of the books of accounts / funds of the company or violation of LODR (Listing Obligation and Disclosure Requirements) Regulations, there is no reasonable ground to further verify the financials of the company warranting an audit." 

On August 7th, SEBI had placed trading restrictions on the company and all that now stands revoked.