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PRESS RELEASE - SEBI

December 31, 2002
PR No. 292/2002

ORDER UNDER SECTION 11 AND 11B OF SEBI ACT AGAINST PROMOTERS OF GLOBAL TRUST BANK AND OTHERS

SEBI is investigating into the affairs relating to buying, selling and dealing in the shares of Global Trust Bank Ltd. The investigations have so far revealed that the promoter group entities of Global Trust Bank Ltd acquired 1,44,00,000 shares from erstwhile technical collaborators and sold substantial no. of these shares i.e. around 1,31,00,000 shares by way of synchronized / structured deals to entities owned by or associated with Shri Ketan Parekh (KP entities) around the same period. It was further brought out by the investigations that KP entities used these shares to create artificial market and to manipulate price of shares of Global Trust Bank Ltd later during the period November 1999 to February 2000 prior to preferential allotment in March 2000. The findings of investigation at the present stage show the prima facie involvement of the promoter group entities of Global Trust Bank Ltd, KP entities, brokers and other entities who purportedly involved in the market irregularities which are detrimental to the interests of the securities market and the investors. SEBI has today passed an order directing the promoter group entities of Global Trust Bank Ltd, KP entities, such brokers and other entities not to buy, sell or transfer, pledge or dispose off or deal in any other manner the shares of Global Trust Bank Ltd till the investigations are completed. The order comes into force forthwith.