Parekh, others refused bail in stock scam case
The Supreme Court on Wednesday refused bail to tainted stock broker Ketan Parekh and others in a case relating to the 1992 stock scam, wherein Canbank Financial Services was duped of over Rs 47 crore.
By PTI |
NEW DELHI : The Supreme Court on Wednesday refused bail to tainted stock broker Ketan Parekh and others in a case relating to the 1992 stock scam, wherein Canbank Financial Services was duped of over Rs 47 crore.
A Special Court in Mumbai had sentenced Parekh and six others to one-year rigorous imprisonment for siphoning of funds from Canbank Financial Services Ltd, a unit of Canara Bank.
The counsel appearing for the accused told a bench headed by Chief Justice K G Balakrishnan that all the three accused have surrendered and would be soon moved to different jails. Their deadline to surrender had expired on July 31.
However, the bench while refusing to grant bail directed that the matter will be taken up for hearing on September 8.
Along with Parekh, two other co-accused - B R Acharya and M K Ashok Kumar - have challenged the Special Court (For Trial of Offences Relating to Transactions in Securities Act) which had sentenced Parekh, Hiten Dalal and five others to one-year rigorous imprisonment for siphoning of the money.
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Though all of them were out on bail at the time of conviction, the Special Court had extended their bail till July 31, to enable them to file appeals against the order in the apex court. Earlier, the apex court on July 16 had asked Parekh to surrender first and then seek bail.
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