Mumbai: In an interim order, Mumbai High Court on June 7 stayed until June 10 a lower court's order, which granted bail to tainted brokers, Ketan Parekh, his cousin Kartik and Jatin Sarvaiyia, held on charge of cheating a Mauritius-based company of Rs 83.22 crore.

The stay was granted by Justice S S Parkar on an appeal filed by economic offences wing of Mumbai police. The appeal will be heard on June 10.

On June 5, Sessions judge R B Malik granted bail to the three brokers on the bond of Rs 2.5 lakh each with one surety of like amount by each of them.

However, the brokers could not immediately avail of liberty because they had to complete formalities like verification of sureties. Meanwhile, Mumbai police moved the High Court to challenge the order of the Sessions Court.

The police contended that investigations were at crucial stage and custodial interrogation of the accused at this stage was necessary. The Session Court's order granting bail to the trio was therefore not proper, the appellants submitted.

Ketan, Kartik and his associate Jatin, had urged for bail thrice since their arrest on May 15. Earlier, their bail plea was rejected by a magistrate and a Sessions Court. On May 29, they were remanded to judicial custody till June 12.

They were arrested on May 15 on a complaint filed by European Investments Ltd, which said that it had bought and sold certain shares through broking firm Triumph International Finance Ltd of which the accused were directors. The accused neither delivered shares nor made payments to the company, the complaint alleged.

PTI