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Our Bureau

Mumbai , Aug. 17

IN a ruling passed on Wednesday, the Debt Recovery Tribunal has ordered Mr Ketan Parekh to pay Rs 124 crore plus interest, aggregating Rs 207 crore, to Bank of India, on account of the Rs 137-crore pay-order scam in 2001, said a press release from the bank.

The release said the tribunal has also confirmed the Orders of Injunction on all the assets of Mr Parekh, his family members and the group of companies to continue in execution of decrees. This means that Mr Parekh and others cannot deal with any of their properties and assets.

The bank is proceeding in execution of decrees before the Recovery Officer and hopes to recover their amount.

In March 2001, pay-orders for the sum of Rs 137 crore issued by Madhavpura Mercantile Co-operative Bank, in favour of Mr Ketan Parekh and his group of companies were purchased by Bank of India and dishonoured when presented for payment.

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