Shares of Prime Focus hit a 5% upper circuit of Rs 246.10 on the BSE on Wednesday after market regulator Sebi closed adjudication proceedings against the firm and several of its directors after concluding that the company adopted the appropriate accounting treatment for the transfer of certain business divisions to its indirect subsidiaries.
In an order issued on June 16, Sebi Adjudicating Officer Amit Kapoor said allegations relating to misleading financial statements, accounting irregularities and violations of listing and anti-fraud regulations could not be substantiated.
