Updated: March 19, 2014 23:36 IST

CBI going after wrong persons: Parekh

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Deepak Parekh
Deepak Parekh

Coming out strongly in support of SEBI’s former chief C. B. Bhave, eminent banker Deepak Parekh, on Wednesday, said probe against such ‘upright’ public officer would further vitiate decision-making environment in the country.

The CBI last week registered a preliminary enquiry against Mr. Bhave, as also against SEBI’s former whole-time member K. M. Abraham and others, for alleged irregularities in grant of licence to MCX Stock Exchange in 2008.

Reacting to the action against Mr. Bhave and Mr. Abraham, Mr. Parekh said he was “very saddened to read that the CBI was going after Mr. Bhave and Mr. Abraham.’’

“I have known Mr. Bhave for a long time, and I can say that you cannot find a more upright person. He is a person who walks straight as a straight line. He is person of high integrity,” the top industry leader told PTI over telephone.

Mr. Parekh said he had worked with Mr. Bhave on various occasions, including at the time of Satyam crisis when he was appointed by the government to an interim board to oversee revival of the scandal-hit IT company.

Besides, Mr. Parekh served as Chairperson of SEBI’s Primary Markets Advisory Committee during Mr. Bhave’s tenure, while he was also on a committee on bond markets.

“I have not known anyone as clean as Mr. Bhave. I have worked with him in different capacities. Being in financial world, I worked with Mr. Bhave for many years, and I can say that I’ve never met anyone as upright. He is clean as a whistle, and the CBI is going after the wrong person,” said Mr. Parekh, Chairman of the HDFC Group.

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