Sebi confirms interim directions passed against Nu Tek

Markets regulator Sebi Friday confirmed the interim directions passed earlier against Nu Tek India Ltd (NTIL) that features amongst the 331 suspected shell firms, for misrepresenting books of accounts.

The regulator said, it "hereby confirms the directions issued vide interim order dated October 9, 2017" and added that before passing final order in the matter, Nu Tek will be given an opportunity to file a reply and appear for hearing on the findings of forensic auditor.

In an interim order, Sebi had ordered forensic audit of the firm after it prima facie found misrepresentation of books of accounts.

Besides, the order said the promoters and directors in NTIL would be permitted only to buy the securities of NTIL.The shares held by the promoters and directors in NTIL shall not be allowed to be transferred for sale by depositories.

The other actions envisaged by Sebi and the consequential action taken by stock exchanges shall continue to have effect against NTIL.

The regulator in a fresh order said that forensic auditor as directed in the interim order has submitted the report to Sebi and the "consequential action" in that regards will be taken in accordance with law.

NTIL was in the list of 331 suspected shell companies provided by the corporate affairs ministry to Sebi, following which action was initiated against them.