The problem, stagnation is just as bad for development. Parekh has clearly outgrown the OHL; keeping him down there really wouldn't do anything for his game. Can't play in the AHL, don't believe he can sign in Europe; so all that's left is the NHL.
If Parekh has an even a passable camp, I expect the Flames will keep him on the roster and bring him along slowly. The idea being that even just being around NHL players, in practices, and getting the odd game will help more than getting bored and developing bad habits in the OHL.