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August 13, 2001
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Money > Business Headlines > Report August 13, 2001 |
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JPC to investigate Ketan Parekh linkBS Markets Bureau The Joint Parliamentary Committee, currently probing the stock market scam, is widening the ambit of its investigation to include the Tata Group's investment companies. This follows allegations that Tata Finance's erstwhile subsidiary, Niskalp Investment & Trading Company Ltd, had taken huge exposures in the capital market, throwing all prudential norms to the winds. A sizeable chunk of the exposure was to the so-called K-10 stocks. "We are planning to widen the scope (of the probe) and look into the investments made by Tata Finance," a JPC member told Business Standard. The JPC is believed to have sought data from the Reserve Bank of India and the Securities and Exchange Board of India in this regard. JPC will also look into the company's alleged close association with Ketan Parekh in its market operations. Niskalp indulged in massive carry forward transactions in some of the K-10 stocks in the last quarter of 2000-01. The list of stocks include DSQ, Global Telesystems, Zee Telefilms and Pentamedia. The stock market operations were backed up by borrowed funds. Niskalp ended up losing money as these scrips lost their market value substantially. Niskalp's exposure to the stock market was around Rs 2.25 billion, sources said. The exposure of the Tata Group to the stockmarket is estimated to be much more. Powered by YOU MAY ALSO WANT TO READ:
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