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Ketan Parekh to be questioned by JPC next week

Main accused in the stock market scam, Ketan Parekh, will be questioned by the Joint Parliamentary Committee next week on several issues including the transfer of Rs 28 billion between January 2000 and March 2001 to his group entities in Kolkata.

Parekh is also likely to be pulled up by the JPC as his group of entitites have not responded satisfactorily to the details sought by the Sebi (Securities and Exchange Board of India), according to JPC sources.

The JPC, constituted to look into the stock scam and the functioning of the UTI, will hold about 10 sittings in the beginning of January before adjourning for the state assembly polls in February as its members will be busy in election work, the sources said.

"We have assured that Ketan Parekh will be made available for the JPC inquiry," sources said adding the ten sittings would cover a lot of ground.

Meanwhile, the second interim report of the Sebi, which was presented to the JPC, states that the Parekh group of entities were not giving complete details of their operations.

"During the investigations, there was no satisfactory response to summons issued to Ketan Parekh Group of entities and complete details are not being given by these entities," the report said.

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