Gujarat HC rejects Ketan Parekh’s plea

The Gujarat High Court on Wednesday dismissed the application of stock broker Ketan Parekh against the cancellation of his bail in the Madhavpura Mercantile Cooperative Bank (MMCB) matter. The order paves the way for Parekh’s re-arrest anytime now by the CBI.

The CBI has been prosecuting the MMCB case also, under orders of the Gujarat HC. The bank, to whom Parekh and other accused owe over Rs 850 crore, had sought the cancellation of his bail from the magistrate’s court in Ahmedabad, around October last year. The magistrate had granted the bank’s application but had stayed the cancellation of the bail till December 18, 2004.

Parekh then moved the Gujarat High Court against the magistrate’s order. Arguments in the HC were concluded in the end of December 2004 and orders were reserved. The HC bench on Wednesday gave its order dismissing his application.