Financial Daily from THE HINDU group of publications
Sunday, Nov 14, 2004
Financial Daily from THE HINDU group of publications Sunday, Nov 14, 2004 |
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Regulatory Bodies & Rulings Markets - Economic Offences CLB stays its order on Ketan Parekh Group cos Richa Mishra
New Delhi , Nov. 13 THE Ketan Parekh Group (KPG) of companies can heave a temporary sigh of relief. The Company Law Board (CLB) has `temporarily' stayed the implementation of its earlier order, which had allowed the Union Government to further probe into 16 KPG entities. Armed with the CLB order, the Government had referred the case to the Serious Fraud Investigation Office, an organisation set up to look into white-collar crime. The investigation was to bring out the nexus among various players of the stock market, including the lending banks and corporates that had indulged in market manipulation and caused losses to investors. The 16 Parekh companies include Panther Industries Products & Others, Classic Share and Stock Broking Ltd & Others, Triumph Securities Ltd and KNP Securities P Ltd. According to official sources, some of the KPG companies had approached the board on the ground that investigations were on against them by agencies such as the Securities and Exchange Board of India (SEBI) and the Central Bureau of Investigation (CBI). This nod to the Union Government will be for an additional probe on similar issues that the KPG entities had submitted. Official sources told Business Line that the Union Government has filed its reply to the application moved by the company and the matter will be heard in the next few days. On September 29, CLB gave its nod to the Union Government's application for widening the scope of its investigation into the 16 KPG entities.
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