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Sebi charges 11 entities of Ketan Parekh for takeover violation

Securities and Exchange Board of India has charged 11 entities of Ketan Parekh of violating takeover norms, and for failing to make disclosures.

In its third interim report on the stock market scam, it said, entities associated with Ketan Parekh appeared prima-facie to have violated takeover regulations in the scrips of GTB, Aftek Infosys and Shonkh Technologies.

"Investigations have revealed that Ketan Parekh entities acquired shares of Shonkh in excess of 15 per cent and/or five per cent of the company entities in February, 2001 without takeover regulations and without making disclosures to the company," the report, submitted recently to joint parliamentary committee probing the scam said.

The 11 entities include Classic Credit Limited, Panther Investrade Limited, Panther Fincap and Management Services, Luminant Investment Limited, Triumph Securities and Triumph International Finance India Limited, NH Securities, Chitrakut Computers Limited, Goldfish Computers Limited, Nakshatra Software Limited and Saimait said.

The report said investigations were in progress in respect to trading in various scrips and involved analysis of order log and trade log of scrips including Himachal Futuristic, Global Telesystems, Zee Telefilms and DSQ Software.

It also said investigations revealed that associates connected with Parekh were operating at least 145 bank accounts with GTB, ICICI Bank, Madhavpura Mercantile Bank, Bank of Punjab, Bank of India, IndusInd Bank, Centurion Bank, HDFC Bank and ABN Amro Bank.

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