Ketan Parekh to be arrested in Madhavpura Bk case

The Supreme Court has given a go ahead to arrest Ketan Parekh for non-payment of dues. The Supreme Court comes in relation to the Madhavpura Bank case. Ketan Parekh's lawyer Kamini Jaiswal informed that Ketan Parekh is not able to meet the deadline payment. He has paid Rs 370 crore of about Rs 396 crore, the last installment of Rs 26 crore remains, she said.

Excerpts from CNBC-TV18’s exclusive interview with Kamini Jaiswal: 

Q: What’s your official position now, how much is due to Madhavpura Bank and how are you going to take this case forward?

A: There is no question of what is due to Madhavpura Bank. We are in Supreme Court for a condition of bail, which directed him to pay Rs 396 odd crore to the bank to be paid off to the small depositors. Unfortunately, he is not able to meet the deadline payment. He has paid Rs 370 crore of about Rs 396 crore, the last installment of Rs 26 crore remains. Madhavpura Bank had been given post-dated cheques but they chose to file an application for cancellation of those when application notice was issued. Application had been adjourned to 27^th August. The bail has not been rejected, what has been rejected is that we wanted a time for which we will make the payments in installments and that is not granted. But the application for cancellation of bail has been adjourned to August 27 for us to file a reply and Madhavpura to file one.

Q: So does that mean Ketan Parekh will have to be in custody till then?

A: The condition for bail for payment has been fulfilled. He has already paid Rs 370 crore and for the remaining he has given post-dated cheques. So, I don’t understand where the question of custody arises.

Q: We have information that the Supreme Court has given the go ahead to arrest Ketan Parekh for non-payment of dues, what is that?

A: These are just rumors; half the time people don’t know the matter. This matter is going on since 2001, they attend court for five minutes, arrive at a finding, report and flash it on the media. What they are doing is totally incorrect.

Q: So the bail comes up to the hearing of August 27?

A: Yes.