Overview
- Justice N. J. Jamadar set aside the special SEBI court’s requirement that Ketan Parekh deposit ₹27 crore before foreign travel and replaced it with a ₹5 lakh security.
- The High Court said conditions for travel must be proportionate and held that the right to travel abroad is a facet of personal liberty.
- Other travel terms imposed by the special court remain in force after the High Court’s modification.
- The special court had relied on a January 2 SEBI interim order describing ₹27 crore as alleged unlawful gains when it tied travel to the large deposit.
- SEBI argued the interim order had attained finality and cited alleged manipulative trading while on bail, but the High Court clarified SEBI may pursue statutory consequences separately from travel permissions.