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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 and it was likely that if granted bail, he might not appear during the trial of these cases.
Parekh was convicted in 2008 for indulging in circular trading and stock manipulation. SEBI is prosecuting Parekh for related offences.
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