Allowed

Ketan Vinaychandra Parekh v. Securities and Exchange Board of India and Anr.

Bombay HC8 Mar 2018APPA/362/2018

Case brief

AI extract

What is this about?

This court allowed a bail application filed by an applicant convicted in an SEBI case. Having deposited the fine, the applicant was released on a separate PR bond of Rs. 1 lakh with sureties, subject to appearing in the trial court on fixed dates during the pendency of the appeal.

What did the court decide?

Release on bail in SEBI Special Case No. 203 of 2014 on furnishing PR bond of Rs. 1,00,000/- with one or more solvent local sureties.

Ketan Vinaychandra Parekh Vs Securities and Exchange… — Company and Corporate | Bombay HC (2018)

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appa.362-2018.doc

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Dond

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION

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CRIMINAL APPLICATION NO. 362 OF 2018 IN

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CRIMINAL APPEAL NOI. 225 OF 2018

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Ketan Vinaychandra Parekh .Applicant Vs Securities And Exchange Board of India & Anr ..Respondents

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Mr. Aabad Ponda a/w Nilesh Tribhuvan and Aarti Deodhar i/b Burzin Bharucha for Appellant.

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Ms. Anubha Rastogi for Respondent No.1. Mr. A.R. Kapadnis, APP for State.

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Mr. Sachin Sonawane, AGM of SEBI present.

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CORAM : A.S.GADKARI, J. DATE : 8^th MARCH 2018.

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P.C.: 1] The applicant is the original accused No.5 in SEBI Special Case No.203 of 2014. By the Judgment and Order dated 27.2.2018 passed by the SEBI Special Judge, City Civil & Sessions Court, Greater Mumbai in SEBI Special Case No.203 of 2014, the applicant is convicted for the offence punishable under Section 24(2) of the Securities And Exchange Board of India Act, 1992 and sentenced to suffer rigorous imprisonment for three years and to pay a fine of Rs.5 lakh, in default of payment of fine to further undergo simple imprisonment for three months.

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appa.362-2018.doc

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2] Heard the learned Counsel for the applicant and the learned Counsel for respondent No.1-SEBI. Perused the record.

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3 ] The learned Counsel for the applicant submitted that, the applicant has already deposited fine amount in the Registry of the Trial Court.

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4] As the maximum sentence imposed upon the applicant by the SEBI Special Court is three years of rigorous imprisonment, I am inclined to release the applicant on bail.

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Hence, the following Order:

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(i) Applicant be released on bail in SEBI Special Case No.203 of 2014 on his furnishing PR Bond in the sum of Rs.1,00,000/- with one or more solvent local sureties.

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(ii) After his release from jail and during the pendency of the present appeal, the applicant shall attend the Trial Court on every 1^st Monday of the month between 11.00 a.m to 2.00 p.m and shall mark his presence.

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(iii) If the first Monday of the month falls on a holiday, the applicant shall

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mark his presence in the Trial Court on the immediate next day.

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5] Application is allowed in the aforesaid terms.

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Ketan Vinaychandra Parekh v. Securities and Exchange Board of India and Anr.

Case brief

What is this about?

What did the court decide?

Ketan Vinaychandra Parekh v. Securities and Exchange Board of India and Anr.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

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Statutes considered

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