10 May 2003
Delhi: The Enforcement Directorate (ED) has initiated
investigations into eight companies Maars Technologies,
Mascon Global, Mukta Arts, Tips Industries, Balaji Telefilms,
Kopran group, Nirma group and Cadilla group for
their involvement in market manipulation and their proximity
to stock scamster Ketan Parekh.
action taken report (ATR) on the recommendations of the
Joint Parliamentary Committee (JPC) on the stock market
scam stated that these companies have been added to the
list of 15 companies mentioned earlier on the recommendations
made by the market regulator, the Securities and Exchanges
Board of India (Sebi).
JPC had commented on the suspect role of 15 promoters
and corporate entities. "Files in respect of 15 promoters
/ companies stated to be close to Parekh were opened by
them to determine the
nexus with brokers through OCBs [overseas corporate bodies]
and FIIs [foreign institutional investors] and to trace
violation of RBI [Reserve Bank of India] norms while transferring
equity to OCBs and FIIs," said the ATR.