PR No.295/2007
Order against Shri Ketan V. Parekh and his associated entities by Securities and Exchange Board of India (SEBI)
SEBI conducted investigations into the buying, selling and dealings in the scrips of Himachal Futuristic Communications Limited, Zee Telefilms Limited, Adani Exports Limited, Global Tele-Systems Limited, Ranbaxy Laboratories Limited, Shri Adhikari Brothers Television Network Limited, Shonkh Technologies International Limited, Padmini Technologies Limited and Aftek Infosys Limited during the period October 1999 to March 2001.
The investigations revealed that Shri Ketan V. Parekh and 17 other entities who were directly/indirectly related/associated to him were involved in market manipulation in the aforesaid scrips in violation of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995 and/or SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. The modus operandi adopted by all the above mentioned entities in manipulating various scrips was, by and large, the same and Shri Ketan V. Parekh was found to be the master mind behind all the acts of omission or commissions by these entities.
In view of the above, Dr. T.C. Nair, Whole Time Member, SEBI, has passed an order dated November 12, 2007:
a. Restraining Shri Ketan V. Parekh and his 10 associates namely Shri Kartik K. Parekh, Classic Credit Ltd., Panther Fincap and Management Services Ltd., Luminant Investment Pvt. Ltd., Chitrakut Computers Pvt. Ltd., Saimangal Investrade Ltd., Classic Infin Ltd., Panther Investrade Ltd., Goldfish Computers Pvt. Ltd., and Nakashtra Software Pvt. Ltd. from accessing the securities market and also prohibiting them from buying, selling or otherwise dealing or associating with the securities market in any manner whatsoever, whether directly or indirectly, for a period of fourteen years.
b. Restraining Shri Navinchandra N. Parekh, Shri Kirtikumar N. Parekh, Shri Jayant N. Parekh and Shri Vipul D. Parekh, from accessing the securities market and also prohibiting them from buying, selling or otherwise dealing or associating with the securities market in any manner whatsoever, whether directly or indirectly, for a period of one year.
c. Restraining Triumph International Finance India Ltd., Triumph Securities Ltd., and NH Securities Ltd. from accessing the securities market and also prohibiting them from buying, selling or otherwise dealing or associating with the securities market in any manner whatsoever, whether directly or indirectly, for a period of five years.
In regard to the entities namely, Shri Ketan V. Parekh, Shri Kartik K. Parekh, Classic Credit Ltd., Panther Fincap and Management Services Ltd., Luminant Investment Pvt. Ltd., Chitrakut Computers Pvt. Ltd., Saimangal Investrade Ltd., Classic Infin Ltd. and Panther Investrade Ltd., which were covered under SEBI order dated December 12, 2003 (debarring them from securities market), this order shall run concurrently and shall be deemed to be effective from December 12, 2003.
As regards the remaining entities, the order shall come into effect from the date of the order.
Full order in http://www.sebi.gov.in/cmorder/ketanorder1.pdf
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