SAT Refuses to Stay Sebi's Interim Ban on Gensol

Gensol said Sebi order is "illegal, unjustified and unwarranted," and fails to meet the statutory threshold for issuing such interim directions without a hearing

- ENS ECONOMIC BUREAU

The Securities Appellate Tribunal (SAT) on Wednesday refused to stay an interim order of the Securities and Exchange Board of India (Sebi) barring Gensol Engineering and its promoter-directors -- Anmol Singh Jaggi and Puneet Singh Jaggi -- from accessing the securities market amid allegations of fund diversion, forgery and misleading disclosures.

The SAT directed Gensol to file its reply to the interim order passed by Sebi and further directed the markets regulator to pass a final order within four weeks of hearing Gensol.