Stockbroker Ketan Parekh's bail plea to be heard on Sept 8: SC

New Delhi, Aug 27 (UNI) The Supreme Court today fixed September 8 for hearing of the bail application of leading stockbroker Ketan Parekh and two others convicted and sentenced to one year imprisonment by special court, Mumbai for defrauding Canfina Mutual Funds of several crores of rupees in 1992.

A bench headed by Chief Justice K G Balakrishnan will consider the bail applications of Ketan Parekh, B R Acharya and N K Ashok Kumar as all three have surrendered and are presently in jail.

Other convicts in the case, Hiten B Dalal, Naveen Chandra Parekh and S Mohan have been exempted from surrender. Hiten B Dalal, a leading stockbroker has already served about 18 months in jail.

Ketan Parekh will have to remain in jail till September 8 when their application for suspension of sentence shall be considered by the court.

Another bench of the apex court headed by Justice Ashok Bhan, however, refused to entertain the plea of Madhavpura Mercantile Bank in Gujarat which has allegedly been defrauded to the tune of Rs 1000 crores by Ketan Parekh in collusion with the M D of the bank, to direct Ketan Parekh to clear the dues amounting to Rs 579 crores outstanding against him.

The bench headed by Justice Ashok Bhan said since Ketan Parekh had fulfilled the bail conditions in this case, he will remain on bail and directed Madhavpura Mercantile bank to approach the appropriate court for recovery of its dues.

UNI SC AE DS1530