Markets regulator Sebi Wednesday refused to grant a stay on forensic audit of Jai Mata Glass Ltd, which figures in the list of suspected shell companies.
Sebi, in an interim order passed in September 2017, had directed the stock exchange to appoint an independent forensic auditor to verify financial of Jai Mata Glass Ltd (JMGL) and to trace the end-use of proceeds of sale of land by the firm.
In a 22-page order passed on Wednesday, the regulator said, "JMGL, at this juncture, has failed to submit sufficient third party documentary evidence in support of its claims with respect to many of the charges/allegations/prima facie findings."
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