Date:24/02/2006 URL: http://www.thehindubusinessline.com/2006/02/24/stories/2006022402440100.htm

Back IPO scam: Transit remand for accused

Our Bureau

Ahmedabad , Feb. 23

The four key accused in the Initial Public Offer (IPO) scam have surrendered before the Central Bureau of Investigation (CBI) and will be produced in the special CBI Court in Mumbai on Friday.

The CBI has been granted transit remand of the four — Deepak Panchal, Jayesh Khandwalla, Parag Zhaveri and Dhirendra Vora. A CBI Court in Ahmedabad, on a CBI petition, granted transit remand for one day and directed the agency to produce them in Mumbai by Friday evening.

"The case has been registered in the CBI Special Court in Mumbai. As it was not possible for us to take them to Mumbai within the stipulated 24 hours after arrest, we prayed for transit remand," the counsel for CBI, Mr Nishit Mehta, told Business Line.