Markets regulator Sebi Friday refused to grant a stay on forensic audit of Parsvnath Developers Ltd (PDL), which figured in list of 331 "suspected shell companies".In an interim order passed in August 2018, Sebi directed a stock exchange to appoint an independent forensic auditor to verify any misrepresentation including of financials or business by PDL in context of transactions during financial years 2009-10, 2010-11 and 2011-12, including role of key managerial personnel, directors and promoters in them.Also, auditor was required to verify any misuse of books of accounts and funds including facilitation of accommodation entries or compromise of minority shareholder interest in context of transactions during three financial years, according to interim order.Following interim order, company was given an opportunity in November last year to submit its explanation.After hearing company's version, Sebi said Parsvnath Developers failed to give a "plausible reason/explanation along with documentary evidences for charges /allegations / prima facie findings as described in interim order".The regulator believes that entire extent of violations can be unearthed only by means of forensic audit.Accordingly, Sebi has confirmed "directions issued vide interim order dated August 8, 2018".PDL is among firms against which Sebi initiated action on August 7, 2017, by ordering trading restrictions, following receipt of a list of 331 "suspected shell companies" from government.The trade restrictions -- allowing trade only once a month and that too for only buy transactions with a 200 per cent security deposit -- were revoked in some cases, including that of PDL, a few days later following appeals filed by them with Securities Appellate Tribunal, but Sebi was asked to continue with its probe and pass its orders expeditiously.