 "Supreme Court")
The Supreme Court (SC) has directed Panther Fincap and Management Services, owned by former stockbroker Ketan Parekh, to deposit Rs 50 crore by September 11 or else, face detention in civil prison.
The firm was fighting an order of the Bombay High Court, in favour of Bank of India, ordering civil arrest of Parekh in the 2001 circular trading fraud case. Bank of India claims Parekh owes the lender Rs 1,700 crore in damages, including interest.
The original amount due to the bank in 2001, when the case started, was Rs 130 crore. The bank subsequently termed Parekh a wilful defaulter.
In an
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