Friday, Apr 19, 2024 | Last Update : 05:28 PM IST
SEBI court convicts ketan Parekh, kin
The court meted out three years’ imprisonment to both the accused, and Kartik was granted bail by the court.
Mumbai: A special Securities and Exchange Board of India (SEBI) court on Tue-sday convicted Ketan Parekh and his cousin Kartik Parekh for acquiring shares of Shonkh Technologies Internatio-nal Ltd in violation of SEBI rules.
The court meted out three years’ imprisonment to both the accused, and Kartik was granted bail by the court. The court also found them and their company guilty of non-payment of penalty to the tune of lakhs, and imposed a fine of Rs 10 lakh on them. Special judge V.C. Barde convicted Mr Ketan, Kartik, Navinchandra Parekh and Kirtikumar Parekh, being the directors of Panther Fincap and Management Services Ltd.
The SEBI had alleged that the accused failed to pay the penalty of Rs 6,50,000. According to the prosecution, SEBI found that the acquisition of shares by the firm was in violation of regulations 7 and 10 of the SEBI Regulation, 1997.
