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Ketan Parekh's PC extended to May 29

Additional Magistrate B A Shelar on Friday rejected the bail plea of stock broker Ketan Parekh, his brother Kartik Parekh and one of the director's in their broking firm Jatin Survai, and remanded them to police custody till May 29 in connection with the alleged misappropriation of Rs 830 million from Mauritius-based company European Investment Ltd.

Defence advocate Amit Desai drew the court's attention to the remand application in which the government pleader had mentioned that the accused were not co-operating with the investigation agency and they were liable to tamper with the documents related to the case.

All relevant documents, however, like those relating to banks were in the possession of investigation agencies like the Central Bureau of Investigation, Securities and Exchange Board of India and the Income Tax department, so the question of tampering with the documents did not arise, he pointed out.

Referring to the allegation of transfer of funds abroad, defence lawyer Desai pointed out that the statement regarding Rs 2billion-bank account of Ketan Parekh was in possession of CBI and SEBI, while the enforcement directorate was looking into the matter.

The government pleader H H Ponda did not argue on any issue and demanded further remand for the accused.

The trio were arrested by the Economic Offences Wing of the Mumbai police on May 15 after the complaint of Briyanand Chaturvedi, attorney of the Mauritius-based European Investment Ltd for allegedly misappropriating Rs 830 million.

UNI

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