Seattle Daily Star

  A mail sent to Bharat Global Developers by Sebi seeking comment did not elicit any response The Securities and Exchange Board of India ( SEBI ) has suspended trading in the shares of Ahmedabad-based Bharat Global Developers Ltd (BGDL) after an unprecedented 10,000% surge in its stock price over the past year. The market regulator’s action comes amid allegations of misleading disclosures and manipulated financial statements. Unexplained Stock Surge BGDL’s share price skyrocketed from ₹16.14 in November 2023 to ₹1,702.95 by November 2024, a staggering 10,451% increase. SEBI's interim order attributed this steep rise to questionable practices, including manipulated disclosures and suspicious preferential allotments. Shift in Shareholding Pattern Initially, BGDL had five promoters holding 16.77% of its shares as of June 2020. However, by September 2020, the company disclosed 100% public shareholding, with no promoter holdings. A significant management overhaul in December 2023 was fo...

  The Supreme Court has allowed stock broker Ketan Parekh to travel abroad to the United Kingdom for the medical treatment of his daughter, the reports suggest. In the latest development, the Supreme Court has allowed stock broker Ketan Parekh to travel abroad to the United Kingdom for the medical treatment of his daughter. A bench headed by Justice D Y Chandrachud said, “The petitioner (Parekh) wishes to travel to the UK to attend to the medical need of his daughter.” The bench noted that Parkeh had earlier also been allowed to travel abroad on several occasions. He has been granted permission on all the previous six occasions. Ketan Parekh was convicted in the Canfina Mutual Fund scam case and was also held guilty in the case related to the 1992 stocks scam, duping CFS of more than Rs 47 crores. Ketan Parekh’s role in the scams Ketan was a chartered accountant and played a significant role in the overall scam. He was a part of Harshad Mehta’s GrowMore investments which...

  Sahara Group has said it is unreasonable to ask it to deposit more money as funds worth ₹ 24,000 crore are lying unutilised with SEBI for nine years Sahara Group on Wednesday said it is unreasonable to ask it to deposit more money as funds worth Rs 24,000 crore are lying unutilised with markets regulator Securities and Exchange Board of India (SEBI) for the last nine years and it was hurting the business interests of the group. The statement comes a day after SEBI chairman Ajay Tyagi had said that Sahara is yet to fully deposit the money ordered by the Supreme Court in August 2012 and that the group has so far given only around ₹ 15,000 crore while the total amount due to be deposited is ₹ 25,781 crore. According to SEBI’s 2020–21 annual report, the regulator had paid back only ₹ 129 crore to bondholders and that it was maintaining an escrow account with over ₹ 23,000 crore. In a statement, Sahara Group said Supreme Court had ordered on August 31, 2012 to deposit principal a...