The case relates to cheating committed by Parekh in alleged criminal conspiracy with the then Senior Manager of NRI Cell and Incharge of Safe Custody Department, Bank of Baroda, Mumbai and others.
In the second part of the special series Sebi@ 25, CNBC-TV18‘s Ashmit Kumar reveals details how the market regulator learnt from these lapses and emerged keener and stronger
Market regulator Sebi has barred Mascon Information Technologies Ltd (MITL) from the securities market for a period of two years for alleged fraudulent trading by way of offloading shares through off market transfers to Ketan Parekh related entities.
when the market revived in 2003, Parekh is learnt to have resumed trading using fronts. And the only way his erstwhile brokers could hope to recoup the money he owed them was to execute his transactions. These deals were on a profit sharing basis. If Parekh profited on the trade, a chunk of that money would go towards repaying the debt.
Kamal Sharma, Managing Director of Lupin, started four decades ago almost as a stockiest and C&F agent. Today, his company is one of India’s largest drug manufacturers and the 5th largest generic drug manufacturer in the world.