Sebi halts settlement in Bodal Chem

Market regulator Sebi on Tuesday stopped settlement of funds related to all trades in Bodal Chemicals done on August 29 after a preliminary investigation found that there were suspected cases of price manipulation in the counter by spreading false positive news about the company. Through a late evening order, Sebi also barred three entities from the market who are suspected to have had a role in the price manipulation in the counter. The Sebi order said that on August 27, which was a trading holiday, BSE received a fax message on Bodal Chem's letterhead informing the exchange that on August 29, the company's board will consider a bonus issue, and also sale of one of its unit for Rs 640 crore.

Source : http://timesofindia.indiatimes.com/business/india-business/Sebi-halts-settlement-in-Bodal-Chem/articleshow/9802460.cms