Ketan Parekh denied more time to surrender

July 16th, 2008 - 9:35 pm ICT by IANS  

New Delhi, July 16 (IANS) The Supreme Court Wednesday refused to extend the July 31 deadline for stock broker Ketan Parekh to surrender to the Mumbai jail authorities to undergo his year-long jail term for siphoning off Rs.477 million from a Canara Bank subsidiary in a financial scam of 1992. A bench of Chief Justice K.G. Balakrishnan asked him to approach the apex court’s “chamber judge”, who deals with the technical pleas like extending deadlines for surrendering before jail authorities, before being heard by it.

Parekh has moved the apex court, challenging his conviction by a special court in Mumbai. The court was set up to try the 1992 securities scam cases. But the apex court, as per its rules, does not hear an appeal of a convicted person, unless he surrenders before the jail authorities to serve his term.

Accordingly, Parekh also filed a separate plea, seeking extension of his deadline to surrender that he needed to do first to be heard by the apex court.

Parekh’s counsel Kamini Jaiswal pleaded to the bench, which included Justice P. Sathasivam and Justice J.M. Panchal, to expedite hearing of her client’s plea by the “chamber judge” for the extension of his deadline to surrender.

But the bench said the “chamber judge” would hear the plea in due course. Parekh’s plea is listed for hearing by the “chamber judge” July 22, said Jaiswal.

The special Mumbai court on April 1 this year sentenced former stock brokers Parekh and Hiten Dalal along with five others to one-year rigorous imprisonment for their alleged role in siphoning off Rs.477 million from Canbank Financial Services Ltd, a unit of Canara Bank.

The court, however, granted Parekh and all others bail till July 31 to appeal against its order.

Incidentally, it was for the second day running that Parekh was denied relief by the Supreme Court in two cases.

It Tuesday refused to grant him more time to pay his last instalment of Rs.260 million to Madhavpura Mercantile Co-operative Bank (MMCB), from where he had allegedly siphoned off Rs.888 million in 2001.

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