Ketan Parekh will serve three years of jail term


ANIMESH SRIVASTAVA 28/02/2018 12:28:28
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Ketan Parekh will serve three years in jail- Newstimes News

New Delhi, Feb 28: Former stock broker Ketan Parekh and his relative Kartik Parekh were sentenced to three years in jail on Tuesday by a special court along with a fine of Rs. 5 lakh each for not paying penalty imposed by the Security and Exchange Board of India (SEBI). 

   What is the case?

The case is about acquisition of shares, beyond the permissible limit and abstaining from the statutory disclosures.

Ketan and Kartik were directors of Panther Fincap and Management Services and they acquired shares of Shonkh Technologies International Ltd.

A penalty of Rs. 6.5 lakh was imposed on the company and the director after the proceedings imitated by capital market regulator in the case of 2003 because the directors are responsible for the proceedings of the company. 

However, they went  to Securities Appellate Tribunal (SAT) against the order of CBI, but lost the case. They also offered to part payment by Demand Draft, but SEBI does not accept part payment and deferment of penalty so the proposal was not accepted.

Ketan is in judicial custody, but Kartik’s sentence was suspended by the court so he can appeal.

 

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