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 had approached the high court in November this year after a special Securities and Exchange Board of India (SEBI) court rejected his bail plea and sent him to judicial custody.
Before rejecting Parekh's bail, the Special Court had also issued a proclamation against him after he failed to appear before the SEBI regulator 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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