Stay on probe into Ketan Parekh group firms vacated
New Delhi: With the Mumbai High Court recently vacating the stay on the investigations against the Ketan Parekh Group (KPG) companies, the way has been cleared for the Serious Fraud Investigation Office (SFIO) to go ahead with its probe into the group entities, Ministry of Company Affairs sources have said.

Earlier, the Government had ordered investigations into the KPG entities and referred the case to the SFIO in October last year. On a petition filed by the Group, the Mumbai High Court had however ordered status quo, resulting in a stay on investigations.

There were nine group companies against which investigations were ordered, including Triumph International Finance India Ltd, NH Securities Ltd, KNP Securities Pvt Ltd, NV Parekh Securities Pvt Ltd, Panther Finsap and Management Services Ltd, Panther Investrade Ltd, Panther Industrial Products Ltd, Saimangal Investrade Ltd, and Classic Credit Ltd.

The investigation order by the Government was to bring out the nexus among various players of the stock market, including the lending banks and corporate that had indulged in market manipulation and caused losses to investors.
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