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HC rejects bail plea of former stockbroker Parekh

Press Trust of India  |  Mumbai 

The today 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

The 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 had approached the high court in November this year after a special Securities and Exchange Board of (SEBI) court rejected his bail plea and sent him to judicial custody.

The court had too taken note of the fact that Parekh had failed to appear in courts and before the regulator several times in the past.

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

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

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 07 2017. 16:30 IST