Financial Daily from THE HINDU group of publications
Saturday, Feb 09, 2002
Financial Daily from THE HINDU group of publications Saturday, Feb 09, 2002 |
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Markets
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Regulatory Bodies & Rulings Probe into KP cos: SEBI given 10-week deadline Our Bureau
MUMBAI, Feb. 8 THE Securities Appellate Tribunal (SAT) has asked the Securities and Exchange Board of India (SEBI) to complete the enquiry into alleged irregularities by the Ketan Parekh-controlled Triumph International Finance India Ltd within 10 weeks. Mr C. Achuthan, Presiding Officer, SAT, upheld a SEBI order debarring Classic Shares and Stock Broking Service, Triumph Securities, Triumph International Finance and N.H. Securities — all controlled by Mr Ketan Parekh and his associates — from undertaking fresh capital market-related business. However, Mr Achuthan said in his order that the enquiry had been on for about a year now and could not go on indefinitely. He granted SEBI 10 weeks to complete the enquiry. SEBI had initiated an enquiry into the Ketan Parekh-controlled companies following allegations in March 2001 that they had engaged in circular trading and price-rigging. The Tribunal said if the enquiry were not completed within 10 weeks and final order passed, the order debarring Triumph International Finance from undertaking fresh business would ``cease to operate''. Citing the precedent of the Shankar Sharma case, Mr Achuthan declined to interfere with the SEBI order but asked the regulator to expedite the enquiry.
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