Action to be taken against Ketan cos
Action against Ketan Parekh cos for violating provisions of Indian Penal Code and Companies Act.
By PTI |
NEW DELHI: The Serious Frauds Investigation Office (SFIO) has wrapped up investigation against 16 Ketan Parekh group companies and recommended action against them for violating provisions of Indian Penal Code and Companies Act.
"The SFIO has submitted the investigation reports of 16 Ketan Parekh Group of Companies to the Ministry during the month of October," Company Affairs Minister Prem Chand Gupta told the Lok Sabha in a written reply.
Parekh was behind one of the country's biggest stock market scams in 2001.
Gupta said recommendations of the SFIO were "under examination for appropriate action".
"In its investigation reports, SFIO has recommended action against the companies and their officers in default for contraventions of law, including the provisions of Companies Act, offences under the IPC and action by concerned regulatory authorities," the Minister said.
The Ketan Parekh companies are 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 and Stock Broking Services Ltd, Luminant Investrade Pvt Ltd, Goldfish Computers Pvt Ltd, Truimph Securities Pvt Ltd, Nakshatra Software Pvt Ltd, Chitrakoot Computers Pvt Ltd and Manmandir Estate Development Pvt Ltd.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
