The Telegraph
Since 1st March, 1999
Email This Page
Parekh bail extended, reprieve for Goud

Calcutta, Jan. 7: Ketan Parekh — the protagonist of the multi-crore securities scam — obtained a day’s extension of his bail. As things stand now, the Big Bull will have to appear before the chief metropolitan magistrate of Calcutta tomorrow.

Parekh was arrested last month for his alleged involvement in the Rs 120-crore payment crisis at the Calcutta Stock Exchange, but obtained bail from the court of the additional chief metropolitan magistrate of Mumbai.

While granting bail, the magistrate had asked him to appear before the chief metropolitan magistrate of Calcutta by December 20. Parekh moved the Mumbai High Court subsequently and obtained an extension of the bail till January 7.

Today the Mumbai High Court extended the bail again, but for a single day. His lawyers told the court today, the Big Bull had already arrived in the city. On appearance before the magistrate tomorrow, Calcutta Police will seek to have Parekh remanded in their custody.

Meanwhile, B. V. Goud, former chief executive officer of Stock Holding Corporation of India Ltd (SHCIL) and S. N. Paul, senior vice president of IndusInd Bank, were released on bail. The two spent nearly three months in police and judicial custody.

Goud was arrested for allegedly helping Harish Chandra Biyani — a stockbroker — embezzle funds out of IndusInd Bank by abusing SHCIL’s facilities. Paul was arrested for allegedly suppressing crucial information from the bourse with criminal intent. Both Goud and Paul did not admit to the charges.

The key defaulters to the exchange — Biyani, Dinesh Kumar Singhania and Ashok Kumar Poddar — are still behind bars.

Email This Page