Ketan Parekh Granted Permission to Travel to UAE
A special court has allowed former stockbroker Ketan Parekh to travel to the UAE for a family vacation this month. However, he must first deposit Rs 27.06 crore with SEBI as a condition for the travel permission.
Background on Travel Petition
Earlier, in September, the court rejected Parekh’s request for a broader travel permission covering multiple countries over four months. Parekh had initially filed a petition seeking extended travel but later withdrew the appeal filed before the Bombay High Court. This led to a fresh request specifically for a limited family vacation in the UAE.
Court’s Decision and Conditions
“Considering the purpose of travel for family vacation and for attending wedding ceremony for a limited period as prayed in the application I hold that the same can be allowed in the changed circumstances as mentioned above on condition of applicant/accused depositing an amount of Rs.27,06,73,574/- (Twenty Seven Crore Six Lakh Seventy Three Thousand Five Hundred Seventy Four) with the SEBI or furnishing security to that effect with SEBI to the satisfaction of the SEBI,” said special judge R M Jadhav.
Parekh submitted a relative’s wedding invitation as part of his petition, emphasizing his intent for a family occasion in the UAE.
Key Details
- Ketan Parekh involved in the 2001 stock market scam.
- Initial large-scale travel request was rejected on September 30.
- New request limited to UAE travel for family and wedding purposes.
- Mandatory deposit of Rs 27.06 crore with SEBI required before travel.
Author's summary: The court approved Ketan Parekh’s limited UAE travel for family reasons, imposing a significant financial deposit with SEBI as a prerequisite for the permission.