SEBI tribunal dismisses Parsoli appeals

The Securities Appellate Tribunal of the Securities and Exchange Board of India (SEBI) has rejected six appeals by Parsoli Corporation Limited and its two main promoters Zafar Sareshwala and his brother Uves Sareshwala against a ruling by SEBI that Parsoli and its promoters/directors violated several provisions of the regulations and perpetrated "fraud of the worst kind on the shareholders of this company who were deprived of their shares and when caught, the directors compensated the shareholders by crediting shares in their demat accounts through off market transactions."
It appears to be the end for Parsoli Corporation and for the Sareshwala brothers.

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