Varun Shipping jumps 5%, SEBI revokes directions against co

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Shares of Varun Shipping Company are locked at 5 percent upper circuit after the SEBI revoked the directions issued against company.

The Capital markets regulator the Securities and Exchange Board of India (SEBI) on Thursday revoked the directions against Varun Shipping and its directors after the firm resolved all pending investor grievances.

In April, SEBI had issued directions against them in the wake of many investor grievances remaining unresolved. The company, in its action taken report, has informed the regulator that "all the pending 90 investor complaints" have been resolved.

There were no pending complaints against the company reported in SCORES (SEBI Complaints Redress System) as on May 21, 2015. It is noted that the company has resolved all pending investor complaints that were the cause for the issuance of directions through the order dated April 24, SEBI noted.

"Therefore, it would be in the interest of justice to revoke the directions issued against the company and its directors," the regulator said in its order.

Besides the company, the directions against Yudhisthir Dilip Khatau, A K Bhattacharya, Khurshed M Thananwalla, Armin Fali Pardiwala and Praveen Singh have been revoked.

At 15:18 hours IST, the scrip of Varun Shipping Company was quoting at Rs 8.73, up Rs 0.41, or 4.93 percent on the BSE. There were pending buy orders of 833,778 shares, with no sellers available.

(With inputs from PTI)