BSE today said a forensic audit has been initiated against Balgopal Commercial, which figures among 331 suspected shell companies under Sebi's scanner, while trading curbs imposed on the firm have been removed.
An independent auditor shall be appointed to conduct forensic audit of Balgopal Commercial for verification, including the credentials and financials of the company, according to a notice on BSE.
"The trading in securities of the company shall be reverted to the status as it stood prior to issuance of Sebi letter dated August 7, 2017," it said.
Also, the promoters and directors of Balgopal Commercial have been permitted only to buy the securities of the company and directed not to sell their existing holding in the firm, as per the circular.
Balgopal Commercial is among the firms against whom the Securities and Exchange Board of India (Sebi) initiated action on August 7 by ordering trading restrictions, following receipt of a list of 331 'suspected shell companies' from the government.
While the curbs were imposed on the 331 firms from August 8 onwards, they were eased with regard to some companies following appeals against the ruling.
In some instances, the Securities Appellate Tribunal asked the regulator to continue with its probe and pass orders expeditiously.
Sebi's move came after it received the list of 331 suspected shell companies from the government on June 9 and was asked to initiate necessary action.
The regulator has already ordered forensic audit of several firms, including JMD Ventures, Hit Kit Global Solutions, Kavit Industries, GV Films and IRIS Mediaworks.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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