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Justice D.K.Deshmukh of Special Court (TORTS), Mumbai has
convicted the former UCO Bank Chairman Sh. K. Margbanthu and
Stock Brokers, Sh. Ashwin S.Mehta and Sh. Sudhir S.Mehta and
five others in a stock scam case of 1992.
The case was registered on 11.6.1992 against S/Shri K.Margbanthu,
Ex-CMD, UCO Bank, Harshad S.Mehta, Share & Stock Broker,
Sudhir S. Mehta, Share & Stock Broker and others.
Allegations were that in the year 1992, the Senior officials
of UCO Bank entered into a criminal conspiracy with Harshad
S. Mehta, Ashwin S. Mehta, Sudhir S. Mehta, Smt. Jyoti H.
Mehta of HSM Group as also employees of HSM Group, the object
of which was to cheat UCO Bank by way of illegal bill discounting
and rediscounting in favour of HSM Group, thereby causing
illegal loss of approximately Rs. 50 crore to the bank.
On completion of investigation chargesheet was filed and
trial commenced against Sh. Kandaswamy Margbanthu, Sh. Ramalya
Vankatkrishnan, the then GM, UCO Bank, Late Harshad S. Mehta,
Share Stock Broker, Sh. Ashwin S. Mehta, Share Stock Broker,
Sh. Sudhir S. Mehta, Share Stock Broker, Sh. M.S.E Chandra,
Chief Executive of M/s Mazda industries & Leasing Ltd.,
Sh. S.V.Ramanathan, AGM, UCO Bank and Sh. Pankaj V.Shah an
employee of Harshad Mehta.
All the eight persons were found guilty of different charges
and the Special Court sentenced Sh. K.Margabanthu to six months
RI and fine of Rs. one lakh; Sh. R.Venkatkrishan to three
months RI and fine of Rs. 50,000/-; Sh. Ashwin Mehta to three
months RI and fine of Rs. two lakh; Sh. Sudhir Mehta with
three months RI and fine of Rs. two lakh; Sh. S.V.Ramanathan
sentenced to RI for a period of one month and Rs. 25,000/-
fine. The other three accused, namely, S/Shri M.S.Eshwar Chandra,
Sunil Samtani and Pankaj V.Shah were fined Rs. 25,000/- each.
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