Mumbai, July 16: Mumbai High Court will tomorrow hear a petition filed by tainted broker Ketan Parekh urging for lifting the attachment of properties of his firm by Income Tax department. The petition will come up for hearing before justice Hemant Gokhale and Justice J P Deodhar.

Income tax authorities have claimed Rs 320 crore from Ketan Parekh's firm Panther Fincap Pvt Ltd.

Urging the court to lift the attachment of properties, Ketan Parekh has pleaded that he and his firm had to pay Madhavpura Cooperative Bank Rs 500 crore. Parekh also submitted that the value of the properties at the time of attachment was Rs nine crore. Now the value had gone up to Rs 27 crore.

He, therefore, pleaded that the income tax authorities should retain Rs nine crore and release the balance amount.

Bureau Report