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Ketan Parekh's bail extended for 3 months

Gujarat high court on Monday permitted Ketan Parekh to remain on bail for the next three months, on condition of paying Rs 70 million, within the stipulated time of 90 days, to avoid arrest in the Madhavpura Mercantile Cooperative Bank case.

A single judge bench comprising of Chief Justice D S Sinha in his order, observed that if Parekh still fails to deposit the balance amount within three months, he will have to surrender himself in the lower court, and will not be able to challenge the order of Chief Metropolitan Magistrate any further.

On April 6, Ahmedabad Chief Metropolitan Magistrate S J Sheth had ordered cancellation of Parekh's bail and directed that the Central Bureau of Investigation produce him before the court for failure to deposit a total of Rs 160 million, as per court orders of August last year. Parekh had deposited only around Rs 90 million.

The amount was the depositors' money withdrawn from the Mandvi (in Mumbai) branch of MMCB for use in the share market.

The tech bull had challenged this order in the high court, who had directed him to file an affidavit detailing how he planned to pay the remaining Rs 70 million.

The affidavit came up for hearing on Monday.

UNI

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