I dont think IFCI is his recent buy because if you look IFCI shareholding pattern, then in more then 1 Lac holding category there has been hardly any major change to suggest that he has entered recently, he might have been holding less then 1% i.e like 0.95% or close to it and hence it remained undisclosed.
Now, As the market for booming, his thinking was that market was going to make excess which he used to say each and every time, same sentence "Such a rise of nifty which has been 3 times within 2 years is only going to end with an excess in the market" hence he thought to use his "Name in shareholding" power to fuel the rally (Just my thought).
As far as Orchid is concerned, he has said that he sold only his Trading position in the company and not his investments, i.e Rare enterprises has sold and not Rakesh/rekha jhunjhunwala. so that clearly means that any deal in the name of "Rare Enterprises" means his trading bet eg. visaka Industries, KRBL etc.
I seriously dont think there was any margin call, since he is a quality trader and under the guidance of Mr.Fox, and hence he will always square up his position well before margin call can get triggered. (Just My thought)
His action in past few months indicate that he is bearish/neutral on the market for next 6-9 months and has cleaned up his leverage to save any down fall/ Interest and would be ready to pull that trigger As soon as he gets the indication of new uptrend.