NEW DELHI, July 9: Thousands of investors have been left with scrips of companies suspended due to suspected price manipulation following vacillation on part of the Securities and Exchange Board of India (Sebi) in resolving such cases.

Some of the companies such as Thapar Agro Mills and Napa Paper have not seen trading of their scrips for close to two years. Others like Ladam Finance, Chirau Finance, Excel Software and Interads Export have remained untraded for more than six months.

Most of these companies were suspended from trading on all stock exchanges due to abnormal rise in their share price. Others were suspended for not adhering to the listing norms of the stock exchange or for not listening to customer grievances.

Other suspended companies are HB Stock Holdings, Andhra Cement, D R Industries, Western Paques and Global Finance Corporation.

Stock exchange authorities express helplessness in resolving these cases. A senior official of the Delhi Stock Exchange (DSE) said the exchange did not have any authority to re-list a share if it remained delisted for more than three days. Commenting on the companies delisted for price manipulation, the official said: "Sebi is investigating these cases. A stock exchange cannot resume trading in suspended scrips till Sebi gives the directive." A leading stock broker of Delhi told the paper that in the absence of any decision on part of Sebi to resume the trading of these scrips, the small investors were paying a heavy price. "Promoters of most of these companies were not interested in getting them re-listed on the stock exchanges," he added.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.