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Ban on Snowcem

MUMBAI DEC. 9. The Securities and Exchange Board of India has restrained the paint major Snowcem India (SIL) from accessing the capital market and dealing in securities for two years for its alleged role in price manipulation of the company's scrips.

"SIL, acted in concert with other entities such as Kosha Investments Ltd (KIL) and an investor client Sourabh Bora (SB) among others, to create an artificial and false market during June to August 1999,'' SEBI whole time director, A. K. Batra, said in his order, which came into effect from December 5.

PTI

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