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Harshad Mehta's assets fetch another Rs 650 cr for creditors

The government on Tuesday said it would release another Rs 650 crore to State Bank of India, Standard Chartered Bank and the income tax department from the liquidated assets of late Big Bull Harshad Mehta. HT reports.

business Updated: Sep 13, 2011 20:57 IST
HT Correspondent
HT Correspondent
Hindustan Times
Hindustantimes
         

The government on Tuesday said it would release another Rs 650 crore to State Bank of India, Standard Chartered Bank and the income tax department from the liquidated assets of late Big Bull Harshad Mehta.

The assets comprise shares and immovable properties, apart from cash and fixed deposits, said Satish Loomba, the custodian for trial of offences relating to transactions in securities, at the finance ministry. Loomba was appointed by the centre to deal with the mega-securities scam unearthed in 1992.

Based on a distribution proposal submitted by the custodian, justice DK Deshmukh of the special court, Mumbai, on September 9, ordered for payment of Rs 28 crore to the I-T department, Rs 260 crore to SBI, Rs 16 crore to SBI Caps and Rs 346 crore to Standard Chartered Bank, an official statement said.

The payments will be released on interim basis on undertakings by receiving entities that the amounts will be brought back to the custodian if ordered.

In March, Loomba had distributed Rs 2,200 crore to income tax authorities and SBI in the first disbursement of liquidated assets of Mehta.

First Published: Sep 13, 2011 20:56 IST

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