Arun Jaitley is defending Ketan Parekh and his constituency does not like it. Parekh is the man who is alleged to have used someone else's money to play the stock market. It all ended with the 2001 stock market crash.
Parekh is alleged to be one of the persons behind the fall of Madhavpura Mercantile Co-operative Bank that left thousands of depositors affected. Parekh and others did not pay their dues to the bank as a result of which the MMCB had to down its shutters in 2001...According to information, Parekh defaulted in paying over Rs 12,000 crore to the bank. The bank still has to pay more than Rs 15,000 crore to depositors and other co-operative banks over a period of six years.The people whom Jaitley represents think he has no right defending thus guy. But does he or doesn't he? After all, though SEBI debarred him for 14 years, and a Joint Parliamentary Committee indicted him, he is innocent till the SC says otherwise, and Mr Jaitley is a lawyer who has the right to choose his clients. But is there a bigger question hidden here somewhere - whom can former ministers and future ministers represent? Chidambaram is already hearing about this for once representing an retail MNC and now planning for FDI in retail.
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