January 13, 2006
Orders passed in the matter of Kallar Kahar, Sub-Account of FII � CSFB (Now known as Credit Suisse First Boston (Mauritius) Ltd. ) and TCFC Securities Ltd. (formerly known as 20th Century Securities Ltd. ) in connection with Global Trust Bank
Securities and Exchange Board of India (SEBI) vide orders dated January 10, 2006, has passed the following directions in the matter of Kallar Kahar, Sub-Account of FII � CSFB (Now known as Credit Suisse First Boston (Mauritius) Ltd.) and TCFC Securities Ltd. (formerly known as 20th Century Securities Ltd.) in connection with Global Trust Bank :
CSFB (Mauritius) Ltd. formerly known as Kallar Kahar Investments Ltd. (KKIL) is no longer operative and holds no sub account licence. It, therefore, is disabled to undertake any transactions in securities in India. Its application to renew the sub account licence was withdrawn by its letter dated August 30, 2004. KKIL�s registration expired in 2002 and SEBI vide its letter dated 27.11.02 refused to renew its registration. As per the interim order dated 31.12.02, KKIL and TCFC Securities Ltd. (TCFCSL) were refrained from buying, selling or transacting, pledging or disposing or dealing in any manner in the shares of GTB pending investigations in the matter. The said interim order was revoked vide order dated 12.6.04.
Taking into account the relative role of KKIL (KKIL is no longer operative in the Indian capital market for the aforesaid reasons) and TCFCSL, the submissions made, the facts and circumstances and the interim order dated 31.12.02 whereby the entities were restrained from dealing only in GTB shares and which was in operation for over 17 months pending investigations, and the fact that the promoters of GTB were restrained from dealing in the shares of GTB for a period of 18 months vide SEBI Order dated 23rd March, 2004 and also considering that the scrip of GTB is not currently traded after its merger with Oriental Bank of Commerce, the matter does not call for any further directions in respect of KKIL and TCFCSL.
January 13, 2006