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April 12, 2001
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Money > Business Headlines > Report April 12, 2001 |
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HSBC-Zee share deal under cloudAshwin J Punnen & Janaki Krishnan Sebi will ask the Directorate of Revenue Intelligence and Enforcement Directorate to look into purchases made by a fund managed by HSBC Investment in Zee Telefilms. Sebi investigations have found that HSBC Investment Bank had bought 11 million shares of Zee Telefilms in mid-February, amounting to 2.6 per cent of the company's paid-up capital. Sebi sources said that the probe had revealed that the deal was brokered by Triumph International, owned by Ketan Parekh and it was a spot transaction between a FII and a local party. According to Sebi regulation, spot deals between FIIs and domestic firms are not permitted. The regulator has in fact put a ban on all such deals. Sebi is understood to have taken a serious cognisance of the deal since it is a violation of the regulations. Sources said that Sebi will ask DRI and ED to conduct further investigation into the matter to ascertain whether either of the parties has violated foreign exchange regulations. The fund is registered in Amsterdam and managed out of London by HSBC Investment Bank. HSBC officials were not willing to offer any comments on the deal. Interestingly, the deal amounting to the tune of Rs 2.54 billion constitutes about 96 per cent of the FII's total corpus. The fund managed by Sanjay Duggal has a total corpus of Rs 2.65 billion. It is understood that the shares were acquired a price ranging between Rs 230-Rs 240. Powered by ALSO READ:
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