JP ASSOCIATES' PROMOTERS TO CHALLENGE SEBI ORDER

The Promoters of  Engineering, Construction, Cement Major are reported to have stated their intent to challenge a recent SEBI Order penalising them on Insider Trading charges.

"The findings in the order are completely erroneous and contrary to factual position," Manoj Gaur is reported to have said in a statement issued on Friday 6/1/2012. He also affirmed that being aggrieved by the Order, he was in the process of challenging the same before the Securities Appellate Tribunal.

Readers may be aware that SEBI had raecently imposed a penalty of 10 Lakh rupees each on Manoj Gaur, Chairman of the conglomerate, his wife Urvashi, and brother Sameer Gaur, as well as some company executives, for insider trading in the company's stock in 2008.