High Court re­jects bail plea of former bro­ker Ke­tan Parekh

The Hindu Business Line - - MARKET WATCH -

The Bom­bay High Court on Thurs­day re­jected the bail plea of former stock­bro­ker Ke­tan Parekh, who is an ac­cused in cases linked to the 2001 se­cu­ri­ties scam.

Jus­tice AM Badar ob­served that Parekh had shown a dis­re­gard for pre­vi­ous pro­ceed­ings against him and missed sev­eral hear­ings in the spe­cial court.

The court said that Parekh was an ac­cused in sev­eral cases re­lated to the se­cu­ri­ties scam Ke­tan Parekh

and it was likely that if granted bail, he will not ap­pear dur­ing the trial of these cases.

Parekh had ap­proached the High Court in Novem­ber af­ter a spe­cial SEBI court re­jected his bail plea and sent him to judicial cus­tody.

The SEBI court, too, had taken note of the fact that on many oc­ca­sions Parekh had failed to ap­pear for hear­ings.

Be­fore re­ject­ing Parekh’s bail, the Spe­cial Court had also is­sued a procla­ma­tion against him af­ter he failed to ap­pear be­fore the SEBI court on mul­ti­ple oc­ca­sions.

Parekh was con­victed in 2008 for in­dulging in cir­cu­lar trad­ing and stock ma­nip­u­la­tion. SEBI is pros­e­cut­ing Parekh for re­lated of­fences.

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