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July 28, 2001
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Money > Business Headlines > Report July 28, 2001 |
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Ketan Parekh firms flouted takeover codeRakesh P Sharma Entities related to Ketan Parekh, which had acquired more than five per cent in certain companies, failed to inform the stock exchanges of their holdings as required under the Securities and Exchange Board of India takeover code, the regulator has told the Joint Parliamentary Committee. Sebi said Ketan Parekh and his related entities had acquired more than five per cent shares in companies such as Global Trust Bank, Aftek Infosys and Shonkh Technologies. Investigation in regard to other companies are in progress, Sebi said. The probe by Sebi reveals that certain corporates had moved money to Ketan Parekh group entities. In its lengthy presentation to the JPC, Sebi has documented that, "Till date, the Zee Telefilms group has given around Rs 5.15 billion, the Himachal Futuristic group has given around Rs 7 billion, Adani Exports group has given Rs 1 billion and DSQ group has given around Rs 280 million in the period January 2000 to March 2001". The watchdog, in its preliminary investigation report, had said that the Himachal Futuristic group had given Rs 4.25 billion, Zee Telefilms group had given Rs 3.40 billion and the Kopran group had given Rs 780 billion to Ketan Parekh during this period. Sebi says, "It appears that these funds were utilised for building up positions, taking deliveries and paying off margins." Sebi in its reply to JPC has said details of the exact utilisation of funds is being collected by the department of company affairs. Sebi's investigation also reveal that Ketan Parekh had sent out more than Rs 27 billion to brokers in Calcutta between January 2000 and March 2001. Earlier Sebi had said that Ketan Parekh had sent around Rs 11 billion to Calcutta brokers. However, Sebi is still investigating the sources of these funds and how they were utilised. Sebi said the pattern of investments/ trading transactions in scrips (said to be associated with Ketan Parekh), their timing and interconnections indicate prima facie misuse of the overseas corporate body and foreign institutional investor sub-account route. Powered by YOU MAY ALSO WANT TO READ:
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