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August 6, 2001
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Money > Business Headlines > Report August 6, 2001 |
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Sebi to probe ownership of Digital SuperhighwayRakesh P Sharma Sebi has started investigations into the ownership of Digital Superhighway Pvt Ltd, which was earlier pulled up by the market watchdog for advancing over Rs 3.20 billion to Ketan Parekh. Senior Sebi officials said, "We are already in the process of seeking additional details from both Zee Telefilms and the HFCL group on their investments in the company. However, it would take some time before a conclusion could be drawn." In its recent report on market manipulation, Sebi had pointed that a large sum of money was transferred to Ketan Parekh through this investment company. Digital Superhighway, an investment company, was floated towards end-1999 with an initial paid-up capital of just Rs 200. In March 2001, HFCL invested Rs 1.50 billion in the company. The Zee group during the same time also transferred around Rs 1 billion from Siticable to Digital. In addition, the company also received around Rs 700 million from banks and institutions. Sebi's preliminary report and replies to the Joint Parliamentary Committee probing the recent market crisis, indicated that Zee Telefilm (Rs 3.90 billion) and HFCL (Rs 8.50 billion) together transferred nearly Rs 12.40 billion to the Ketan group firms. These funds ultimately found its way to Calcutta brokers. Sebi also traced the funds raised by Zee Telefilm and HFCL group to Global Trust Bank and other institutions. These funds were routed to Ketan firms. The report further mentions that though the funds were transferred to Ketan firms, the deliveries of these shares have not been taken. Powered by YOU MAY ALSO WANT TO READ:
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