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March 8, 2001
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Money > Business Headlines > Report March 8, 2001 |
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Ketan Parekh has nearly 4 per cent in Global Trust Bank: GelliBS Banking Bureau Global Trust Bank (GTB) chairman Ramesh Gelli Wednesday said that top broker Ketan Parekh holds close to 4 per cent in the bank. Gelli said, "Parekh's holding can be a little more than 3.5 per cent in GTB. I am not aware of any other holding (of him) by another means." This is for the first time that Gelli has admitted that Parekh holds a stake in the bank. Gelli also said that GTB has lent at least Rs 1.18 billion to Parekh. "That could be the peak level exposure. Subsequently, it mush have come down," he said. However, sources said the bank's exposure to the broker was around Rs 1.40 billion at one point of time. According to banking sources, GTB has an overall deficit of around Rs 500 million on margins in brokers' accounts. The bank had asked the brokers to replenish the security value of the accounts or pay up the money immediately. However, Gelli said: "Our outstanding are fully secured. There is no deficit. There could be problem if they (the brokers) are not able to build up the margin. But so far there is no crisis." GTB's capital market exposure is around Rs 5.05 billion. A GTB release said, "The bank has 280 registered brokers as its clientele. All exposures to individual brokers are within the prudential norms. There no case of any our clients defaulting till date." According to market sources, Parekh had started taking interest in GTB stock in June-July 2000 to ramp up the price. Volumes in GTB scrip rose on June 7 to more than 4 million share per day from a normal daily volume of a few thousands. The volumes again showed a sharp increase on July 6-7, October 30- 31 and November 7. Although GTB chairman said Parekh's holding is less than 4 per cent in the bank, market sources pegged the holding at a much higher level.
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