SEBI relaxation fuels Atlanta

The Securities and Exchange Board of India (SEBI) has allowed the company for conversion of warrants and listing of shares issued on conversion. The stock is currently locked in upward circuit at 10% @ Rs 345.15.

In February 2007, SEBI had asked the promoter group, which comprises 16 entities, of Atlanta, not to deal in Atlanta scrip. Rajoo Barot, Managing Director, and Sachin Jain, Company Secretary, also featured on the list. The share price of Atlanta rose abnormally after listing at Rs 170 on 25 September 2006 to Rs 1264.20 by 11 December 2006.

SEBI had advised the NSE and the BSE to conduct a probe into the abnormal price surge. The probe concluded that promoters group made large scrip purchases during the period.