The department of company (DCA) has, however, found some discrepancies regarding non-creation of debenture reserve ratio and also non-compliance with some clauses of the listing agreement with the stock exchange by Satyam.
Sebi has stated that holdings of the relatives of the promoters have come down from 10.90 per cent in May 1998 to 5.05 per cent in December 2000. The regulator is gathering evidence to find out to or through whom these shares were sold. "Transactions scrutinised so far do not reveal any of the group companies/subsidiaries/associate companies of Satyam with the entities associated/connected with or controlled by Ketan Parekh," Sebi has stated in its final report. The market regulator has stated that Satyam and Mr Parekhs entities have also information Sebi that they had not entered into any transactions. Perusal of bank account details of Parekh entities for transactions exceeding Rs 1 crore have also not indicated any inflow/outflow of funds from or to Satyam or companies linked to it.
"From the scrutiny of top corporate shareholders of the company (Satyam) it is seen that corporate entities which has so far been identified as connected with an controlled by Ketan Parekh and which are covered in top 100 shareholders in this category had not increased their holding significantly in the period of price rise (that is, from October 1999 to March 2000)," Sebi has stated in the report.
Sebi is, however, examining evidence regarding the matched trades executed by the broking entities of Mr Parekh and the entities associated with him.
Sebi will take a final view in the matter on collation of all these evidences and examination of the brokind entities and individuals involved.