Interestingly, the same 16 entities already figure in the Custodian’s application to the Special Court. The application says that since Parekh was notified in 2001 under the Special Courts Act of 1992, he ought to have taken the Court’s permission to make repayments to MMCB or any other entity over the past few years. It wants the court to direct Ketan Parekh and 23 entities/persons associated with him to make a full disclosure of their assets and income.

The application (No. 21 of 2007) names Ketan Parekh as the first respondent, while other entities named are — Navinchandra N Parekh, Panther Financial Capital, Luminant Investment Services, NH Parekh Financial Consultants, KNP. Securities, Triumph Securities, Oxford International, the partnership firms M/s Narbheram Harakchand, M/s KN Parekh, VN Parekh Securities, Saimangal Investrade, NH Securities, Nakshatra Software, Goldfish Computers, Chitrakut Computers, Manmandir Estate Developer, Panther Industrial Products, Triumph International, Panther Investrade, Classic Credit, Classic Shares & Stockbroking Services, Kirtikumar N Parekh and Kartik K Parekh. Many of these are also listed as having been investigated by the Serious Frauds Office, but the Custodian makes no reference to that investigation.

Instead, the Custodian says that in 2003 and again in 2006, Ketan Parekh was asked to file affidavits making a disclosure of his assets. In 2003 he disclosed negligible property and shares worth Rs 1.55 crore, yet in a submission to the Gujarat High Court, he admits to making payments of Rs 4.8 crore between June-December 2003.

Then, in October 2005, the Debt Recovery Tribunal in Mumbai had prevented Ketan Parekh and his company, Panther Fincap from creating any third party rights in respect of several properties. This was in a case filed by Bank of India, which did its own independent investigation to trace assets belonging to Ketan Parekh and his associate entities. The list includes multiple properties each at Lavelle Road, Bangalore (2350 sq ft), Junagad, New Bombay, and five large properties in upmarket locations of Mumbai including Nariman Point, Colaba, Marine Drive and Fort.

... contd.