26 years on, Bombay high court acquits 10 accused in Harshad Mehta securities scam
Twenty-six years after the stockbroker Harshad Mehta-led securities scam shook the nation, the Bombay high court (HC) on Thursday acquitted seven officers of the State Bank of India (SBI) and State Bank of India Capital Markets Limited (SBI Caps) and three others of duping SBI Caps to the tune of ₹105 crore. This includes a share-broker attached to Mehta’s firm.
A special court of justice Shalini Phansalkar-Joshi acquitted the accused after noticing that the Banking, Securities and Fraud division of the Central Bureau of Investigation (CBI) had completely failed to prove charges against them.
The CBI had alleged that the prime accused, Rama Sitharaman, C Ravi Kumar and Mehta, plotted a securities scam with others. As part of this, they cheated SBI Caps of ₹105 crore in sale and purchase transactions of securities from 1991-92. SBI Caps routed all 24 transactions via Mehta and suffered a loss.
The FIR was registered on the basis of a complaint filed by Janardan Bandopadhyay of SBI Caps, who was later arraigned as an accused. After CBI investigation, a more accused were added.
Mumbai: Several parts of the city and the suburbs on Sunday received moderate to heavy rainfall, leading to traffic snarls across the city and delays on both western, and central railways. After a prolonged dry spell in the city since July 16, heavy rains have been predicted to make a comeback between August 8 and August 10, as per forecasts.
A policeman was injured when suspected cattle smugglers hurled stones at a search party in Jammu and Kashmir's Kathua district on Sunday, an official said. Police fired two rounds in the air to restore order and arrested one of the attackers early morning at Check Gotta village in Lakhanpur area, selection grade constable Kuldeep Kumar told news agency PTI. He said a case was registered against the stone pelters at Lakhanpur police station.
Rashtriya Janata Dal along with leaders from the Bihar Congress and other opposition parties took out a protest march in Patna on Sunday against the Narendra Modi-led government's failure to reign in issues like price rise, unemployment, and corruption. Earlier on August 5, Congress workers, led by Bihar Pradesh Congress Committee chief Madan Mohan Jha, took out a march to Raj Bhavan on the same issue.
Janata Dal (United) national president Rajiv Ranjan alias Lalan Singh on Sunday hit back at former party leader RCP Singh saying “Chief Minister Nitish Kumar in the nick of time had recognized the conspirators trying to make holes in the ship to ensure proper repair”. He also accused RCP Singh of having his souls elsewhere while remaining in the party and working at cross purposes.
Jammu and Kashmir Police on Sunday arrested a hybrid terrorist with five pistols and two grenades in Srinagar, officials said. They said that a resident of central Kashmir's Budgam district, Arshid Ahmad Bhat, was a hybrid militant associated with Lashkar. The incident comes three days after the arrest of three alleged militants in north Kashmir's Handwara. The accused had on seeing the checking party tried to flee from the spot but were 'nabbed tactfully'.