BUSINESS

SEBI charges 11 Parekh outfits

NEW DELHI FEB. 15. The market regulator Securities and Exchange Board of India has charged the 11 entities of the big bull Ketan Parekh of violating takeover norms involving scrips that include Global Trust Bank and Shonkh Technologies and for not making disclosures and the public offer.

In its third interim report on the stock market scam, it said, entities associated with Ketan Parekh appeared prima-facie to have violated takeover regulations in the scrips of GTC, Aftek Infosys and Shonkh Technologies.

"Investigations have revealed that Ketan Parekh entities acquired shares of Shonkh in excess of 15 per cent and/or 5 per cent of the company entities in February 2001 without complying with the SEBI's takeover regulations and without making disclosures to the company and public offer," the report, submitted recently to the JPC said.

— PTI

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