Markets regulator Sebi has ordered a forensic audit of ARSS Infrastructure Projects, which was among the 331 suspected shell companies, even as it lifted the trading restrictions imposed on the firm. The watchdog has directed the stock exchange to appoint an independent forensic auditor to verify various factors, including whether there has been misrepresentation of financials and misuse of funds of the company.
After receiving the list of 331 suspected shell companies from the corporate affairs ministry, Sebi imposed trading curbs on these firms, including ARSS Infrastructure Project Ltd (AIPL), on August 7.