Stock scam: SC grants bail to Ketan Parekh, others

The Supreme Court on Monday granted bail to stock broker Ketan Parekh and others in the Canfina Mutual Fund scam case.

Parekh was held guilty in the case related to the 1992 stock scam, in which Canbank Financial Services was duped of over Rs 47 crore (Rs 470 million).

On April 1, a special court in Mumbai had sentenced Parekh, Hiten Dalal and four others to one year in jail for siphoning off funds from

Canbank Financial Services Ltd, a unit of Canara Bank.

Justice V M Kanade, heading the special court for trial of offences relating to transactions under the Securities Act, held them guilty of criminal conspiracy, misappropriation of funds and cheating.

The court, however, had extended their bail and suspended sentence until July 31 to enable them to file appeals in the Supreme Court.