Mumbai Court Denies Ketan Parekh's Plea to Travel Abroad Amidst Ongoing Trial
A special SEBI court in Mumbai refused former stockbroker Ketan Parekh's request to travel overseas amidst ongoing criminal proceedings related to a historic securities scam. The court agreed with SEBI's concerns that Parekh posed a flight risk and that his presence is crucial for the trial process.
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In a significant legal development, a special SEBI court based in Mumbai has refused former stockbroker Ketan Parekh's request for overseas travel. The decision comes as he faces criminal charges in connection with a securities scam dating back to 2000-2001, where Parekh remains a key accused.
Parekh's plea was opposed by the Securities and Exchange Board of India (SEBI), the prosecuting body, which argued he executed complex market manipulations, particularly involving Lupin Laboratories, alongside other accused individuals. The SEBI highlighted the active role of Parekh in creating an artificial market for shares and manipulating prices. Further, the market watchdog stressed that allowing Parekh to travel could enable him to evade oversight and impede ongoing legal proceedings against him.
The court concurred with SEBI's stance, emphasizing the need for Parekh's presence as trials continue in various stages. Notwithstanding Parekh's travel aspirations, including trips across multiple nations, his plea was rejected, confirming SEBI's assessment of Parekh as a substantial flight risk. The pending cases, particularly at the stage of evidence, require Parekh's attendance in India to ensure judicial processes are not compromised.
(With inputs from agencies.)
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