Rs.650 crore released from Harshad Mehta's assets
Tuesday September 13, 2011 07:20:35 PM,
IANS
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Mumbai: A Mumbai
special court Tuesday ordered the release of Rs.650 crore to the
Income Tax department and banks from the liquidated assets of late
scamster Harshad Mehta's group, an official said.
Special court's Justice D.K. Deshmukh, based on a distribution
proposal submitted by the finance ministry-appointed custodian,
ordered payment of Rs.345.76 crore to Standard Chartered Bank and
Rs.259.65 crore to the State Bank of India (SBI).
Besides, Rs.28.34 crore will go to the Income Tax department and
another Rs.16.25 crore to SBI Caps, totalling Rs.650 crore, all
coming from the attached accounts of the Harshad Mehta Group, the
official said.
"The payments will be released on an interim basis on undertakings
to be provided by the receiving entities that the amounts will be
brought back to the custodian, if ordered by the special court,"
the official said.
The judge ordered the custodian to release the amount to Standard
Chartered Bank only after a final court clearance and asked the
bank to submit a resolution by the board of directors along with
an undertaking from the bank.
This is the second release of its kind to be made against the
outstanding dues of the Harshad Mehta Group.
In March this year, custodian Satish Loomba released Rs.2,200
crore, of which nearly Rs.2,000 crore went to the Income Tax
department and the SBI.
The Special Court (Trial of Offences Relating to Transactions in
Securities) Act, was enacted by parliament in 1992 to deal with
the extraordinary situation arising out of the securities scam
with the objective of recovering money lost by banks and for
restoration of public confidence in the financial system.
The custodian, the principal administrative officer under the act
for the attachment, management and liquidation of assets of the
notified entities, functions under a system of concurrent judicial
review by the special court, comprising sitting high court judges
at Mumbai.
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