Omaxe to challenge Sebi’s diktat

New Delhi: Realty firm Omaxe will consider challenging market regulator Sebi’s order that barred the company, its Chairman Rohtas Goel, Managing Director Mohit Goel and three others from the securities market for two years for misrepresentation in the company’s financial statements.The Sebi order had a negative impact on the company’s share prices. The stock of the company on Wednesday declined 4.99 per cent to Rs 152.20 apiece -- its lower circuit limit -- on the BSE. It fell 5 per cent to hit the lower circuit limit of Rs 154.19 per piece on the NSE.

Asked about the Sebi order and its future course of action, the Omaxe spokesperson said, “The company has not received any order from Sebi. Once received, the content will be verified and appropriate remedy available under the law, including filing of appeal will be contemplated.” “As per news articles, it appears more in the nature of accounting interpretations, which were duly explained through documentation, market practice and case laws. Rest we will be filing our response to stock exchanges within the stipulated time frame, on receipt of order,” the spokesperson added.