Hari Shankar Tibrewala’s 14 Company Stakes Now Under Govt Control

In a significant development in the ongoing probe into stock market manipulation, the Enforcement Directorate (ED) has taken possession of shares worth ₹590 crore previously owned by Hari Shankar Tibrewala across 14 listed companies. The seizure comes less than eight months after the agency initiated its investigation into Tibrewala, who is believed to be a central figure in a massive small-cap market manipulation scheme.

A review of shareholding data reveals that the ownership of these shares was transferred from three Dubai-based entities—Zenith Multi Trading DMCC, Ecotek General Trading LLC, and Caterfield Global DMCC—to the ED's Raipur division during the final week of November. These entities were identified as shareholders in these small-cap firms as of September.

As per data reviewed in February, the combined value of the seized shares stood at ₹590 crore, while the total market capitalization of the 14 companies involved is around ₹21,880 crore.

All three firms—Zenith, Ecotek, and Caterfield—were incorporated in Dubai and are allegedly linked to Tibrewala. Zenith Multi Trading DMCC was established in June 2013, followed by the formation of the other two firms over the subsequent five years.

The transfer of these shares to the ED marks a major milestone in the crackdown against financial fraud involving overseas shell companies and stock market manipulation. The probe continues, and further disclosures are expected as authorities trace the extent of the network.