Mumbai: Keeping with an interim order passed by the Supreme Court in connection with the disbursement of funds of Harshad Mehta Group (HMG), the Bombay High Court has directed the custodian of assests of the late stock broker to release Rs 1995.66 crore to the Income Tax department, to clear their dues.
The I-T department had moved the High Court to claim its dues for the 10-month period when the securities scam perpetrated by the ‘Big Bull’ hit the market in 1991-92.
Justice DK Deshmukh, presiding over the Special Court (Trial of Offences relating to Transactions under Securities Act, 1992) on Friday ordered for the amount to be handed over from the funds of HMG, which is presently in the possession of a custodian, appointed by the High Court.
The family members of Mehta had approached the Supreme Court earlier challenging the custodian’s possession of funds stating that certain properties were held in their name individually and was not part of HMG.
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