Promoters Cut K-10 Holdings

The promoter holdings in some of the stocks linked to Ketan Parekh have come down significantly in the last three years.

According to data filed for the last three years with the Securities and Exchange Board of India (Sebi), the promoters of Global Trust Bank (GTB), Zee Telefilms (ZTL) and Himachal Futuristic Communications Ltd (HFCL) have reduced their holdings.

These returns form part of the information submitted by Sebi to the Joint Parliamentary Committee (JPC) probing the recent stock market crisis.

Sebi in its reply to a specific query by the JPC, said "information in respect of Ranbaxy, SSI, Silverline, Satyam, Pentamedia and Essel group has been called for and will be submitted early on receipt of the same".

In case of GTB, as of July 1998, a total of 46 entities (and a group defined as 'others') together held 4 crore shares of GTB.

The holding of these entities in July 1999 was reduced to 3.84 crore shares which further went down to 3.44 crore shares as of March 2000.

The data also shows that the then GTB chairman, Ramesh Gelli, and the executive director, Sridhar Subhasri, had sold their personal holdings.

As of July 1998, Gelli held 41.60 lakh shares, which went down to 23.94 lakh shares as of March 2000. Sridhar's holding was reduced from 24.96 lakh shares in 1998 to 10.85 lakh shares in March 2000.

Interestingly, the Sebi finds that in the case of GTB, some entities which did not figure in the list of promoters/associates during 1998 were listed in the list for March 2000.

In the case of HFCL, the promoters' holding got reduced from 1.90 crore shares, representing 29.49 per cent of the company's capital as of September 1998, to 1.37 crore shares, representing 18.72 per cent of the capital as of May 2000.

The promoters' holding of Zee Telefilms has also declined substantially. The report says Wakefield Holdings, an overseas corporate body, which was allotted over one crore shares, consequent to the merger of Zee Multimedia Worldwide, does not find mention in the list of promoter/ associates submitted by the company.