Fraud sleuths probe 16 Ketan Parekh companies

New Delhi, Mar 6: The Government today said Serious Fraud Investigation Office (SFIO) sleuths have carried out an investigation into the role played by 16 companies belonging to the Ketan Parekh group in the 2001 stock market scam.

Giving this information, Company Affairs Minister Prem Chand Gupta said in a written reply in the Rajya Sabha that investigation reports regarding the possibility of market manipulation by the 16 companies had been received.

The companies investigated were: Triumph International Finance India Ltd, N H Securities Ltd, KNP Securities Pvt Ltd, V N Parekh Securities Pvt Ltd, Panther Fincap and Management Services Ltd, Panther Investrade Ltd, Panther Industrial Products Ltd, Saimangal Investrade Ltd, Classic Credit Ltd, Classic Shares&Stock Broking Services Ltd, Luminant Investrade Pvt Ltd, Goldfish Computers Pvt Ltd, Triumph Securities Pvt Ltd, Nakshatra Software Pvt Ltd, Chitrakoot Computers Pvt Ltd and Manmandir Estate Development Pvt Ltd.

''Instructions for appropriate legal action in respect of offences/violations of the law detected during the course of investigation and other relevant regulatory action have been issued along with directions to ascertain involvement, if any, of other companies in the market manipulation activities of entities belonging to the Ketan Parekh group during the reported stock market scam 2001,'' he told Mrs Brinda Karat, CPI (M) member.

The probe was carried out by the SFIO inspectors under section 237 of the Companies Act, 1956.

UNI