This is because the disgraced big-bull Ketan Parekh-owned group of companies are some of the major shareholders in Mid-Day Multimedia Ltd. The Ketan Parekh group companies namely, Chitrakut Computers Pvt Ltd, Nakshatra Software Pvt Ltd and Goldfish Computers Pvt Ltd are holding substantial stake in Mid-Day Multimedia. These three companies together hold 21 lakh shares of Rs 10 each, which works out to 6.15 per cent stake of MML. MML's paid-up capital post-IPO stands at Rs 34.12 crore.

Out of the 21 lakh shares held by the three firms, 7,25,806 shares each are held by Chitrakut Computers and Nakshatra Software while Goldfish Computers owns 6,48,387 shares. Other than these companies' holdings, the promoters of MML and their group companies were the only shareholders before the public issue. In the first information report (FIR) filed by the Central Bureau of Investigation (CBI), the agency has alleged between January 3, 2001 to till date, Rs 435 crore has been siphoned off from Panther Investrade current account in the stock exchange branch of Bank of India in favour of Nakshatra Software.

The Ketan Parekh group companies also transferred Rs 396 crore from the current account of Classic Credit to Chitrakut Computers between January and March 2001. Another Rs 354 crore was transferred from the current account of Panther Finacap to Goldfish Computers. Despite repeated attempts, MML managing director Tarique Ansari could not be contacted for his reaction.

Even the company's director finance MP Kapadia was unavailable to give details on the investments by Ketan Parekh group company's in MML.

According to market sources, these investment were made by the big bull in the last 12 months only at a price ranging between Rs 45-50. MML had come out with a public issue in February this year at Rs 70 per share through the book-building route and raised Rs 50 crore. Triumph International Finance, another group company of Ketan Parekh, was the co-book runner with IL&FS Merchant Banking Services being the main book runner.