The Telegraph
Since 1st March, 1999
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Big Bull in sick bay keeps cops on toes

Calcutta, Dec. 4: Ketan Parekh’s lawyer Mahesh Jethmalani said the Big Bull would come to Calcutta and appear before the chief metropolitan magistrate as advised by a Mumbai court on Tuesday.

“Parekh is doing well, and he should be released from Nanavati Hospital within a couple of days,” Jethmalani added.

Parekh — the dramatis personae of the scam busted last year — was admitted to the hospital yesterday after he collapsed at the airport while being whisked to Calcutta by cops.

Calcutta police arrested Parekh on Monday from his office near Dalal Street, but he obtained an interim bail from the additional chief metropolitan magistrate, who instructed him to appear before the chief metropolitan magistrate of Calcutta by December 20.

“His blood pressure had shot up suddenly. The police had not fed him anything the whole day. Parekh’s condition is now under control.

“Examinations show he does not have heart problems (as was initially suspected). On release from the hospital, he is going to decide when to appear before the court in Calcutta,” Jethmalani said.

The police are, however, not convinced that Parekh is going to give up easily. The police are likely to press for his remand when he appears before the magistrate in Calcutta.

Jethmalani said, “He is bound by law to appear before the court in Calcutta regardless of consequences.” While seeking bail, Parekh’s lawyers promised to co-operate with the police in their investigation.

The coming of Parekh is crucial to the probe. He is wanted in both the cases being investigated by Calcutta police — the payment crisis at Calcutta Stock Exchange and the abuse of the sell-n-cash scheme of Stock Holding Corporation of India Ltd (SHCIL).

In his deposition to the Joint Parliamentary Committee probing the scam, Parekh also admitted to have taken advantage of the bug in Calcutta Stock Exchange’s software for calculating ‘gross exposure margin’.

Though the parliamentary panel has gathered enough evidence to hold Parekh responsible for the scam, investigation by the police can lead to better understanding of the Big Bull’s nexus with promoters and other market participants.

Calcutta police are also on the lookout for Dinesh Dalmia — the promoter-managing director of DSQ Software — besides Kamal Parekh, the president of the stock exchange at the time of the payment crisis.

Dalmia has not responded to a series of summons sent to him by the Enforcement Directorate — which is probing alleged violations of foreign exchange regulations — and the police.

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