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Roselabs Finance has informed the BSE that it has filed an appeal with the Securities Appellate Tribunal challenging the order passed by SEBI imposing a penalty of ₹2.53 crore for alleged violation of certain provisions of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003, and SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 during SEBI’s investigation period, i.e. from October 6, 2003 to January 28, 2004. “The company will inform further material developments in the matter at the appropriate time,” it said. The stock of Roselabs jumped 8.7 per cent to ₹32.55 on the BSE.
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