Sebi lifts ban on share deals in Welspun Corp

Market regulator Sebi has vacated its stay order of December 2, 2010, restraining the promoters of Welspun group from buying or selling shares of Welspun Corp Ltd and other listed companies promoted by them.

According to a release issued by the group on Monday, the market watchdog has nullified the restraining order vide a new order dated March 16, 2012.

Sebi had said in its earlier order that the restriction on the promoters and a high networth individual, Sanjay Dangi, followed a detailed investigation into the activities of Welspun group and three other companies.

Sebi's probe, in turn, was triggered when the Income-tax department in  Nagpur informed it about share price manipulation at the counter of one of the four companies.