Mumbai, Dec 7 (PTI) The Bombay High Court today rejectedthe bail plea of former stockbroker Ketan Parekh who is anaccused in cases linked to the 2001 securities scam.
Justice AM Badar observed that Parekh had shown adisregard for previous proceedings against him and missedseveral hearings in the special court.
The court said that Parekh was an accused in severalcases related to the securities scam and it was likely that ifgranted bail, he might not appear during the trial of thesecases.
Parekh had approached the high court in November thisyear after a special Securities and Exchange Board of India(SEBI) court rejected his bail plea and sent him to judicialcustody.
The SEBI court had too taken note of the fact thatParekh had failed to appear in courts and before the SEBIregulator several times in the past.
Before rejecting Parekh's bail, the Special Court hadalso issued a proclamation against him after he failed toappear before the SEBI regulator on multiple occasions.
Parekh was convicted in 2008 for indulging in circulartrading and stock manipulation. SEBI is prosecuting Parekh forrelated offences. PTI AYA BNMRT.
This is unedited, unformatted feed from the Press Trust of India wire.