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Richa Mishra

New Delhi , April 14

DECKS have been cleared for the Serious Fraud Investigation Office (SFIO) to go ahead with its probe into the Ketan Parekh Group (KPG) entities.

The Mumbai High Court recently vacated the stay on the investigations against the group companies, Ministry of Company Affairs sources said.

Earlier, armed with the Company Law Board (CLB) order, the Government had ordered investigations into the KPG entities and referred the case to SFIO in October last year.

However, on a petition filed by the Group, the Mumbai High Court had ordered status quo, therefore, a stay was put on investigations.

There were nine group companies against which investigations were ordered. The entities include Triumph International Finance India Ltd, NH Securities Ltd, KNP Securities Pvt Ltd, NV Parekh Securities Pvt Ltd, Panther Finsap and Management Services Ltd, Panther Investrade Ltd, Panther Industrial Products Ltd, Saimangal Investrade Ltd, and Classic Credit Ltd.

The investigation order by the Government was to bring out the nexus among various players of the stock market, including the lending banks and corporate that had indulged in market manipulation and caused losses to investors.

Interestingly, the order of investigations has been facing legal hurdles.

The investigation into the Parekh group of companies was stayed by CLB on November 9 last year and the stay was vacated on November 25, 2004.

Aggrieved by the CLB order the Group entities had approached the High Court concerned, which had put a stay on investigations.

The final hearing of the case had taken place on March 4, and the High Court had reserved its judgment in the matter.

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