Harshad mehta last photo

Even though it wiped out over a third of the market valuation, the securities scam of 1992, popularly known as the Harshad Mehta scam, introduced a bouquet of historic changes. At a time when banks were not allowed to invest in the market, Mehta convinced complicit banks to send money to his personal account. He used it to buy up large quantities of stocks, drive up the price, and cash out. It created a huge but false stock market boom. The most important impact of the $1.3-billion market manipulation was that it paved the way for stronger, stricter, and smarter market regulation. The ease with which Mehta sold fake debt securities hand in glove with Bank of Karad and Metropolitan Bank exposed the chinks in the regulatory framework. Also read: SEBI or the Securities and Exchange Board of India, the country’s market watchdog, witnessed a massive overhaul. SEBI had come into being in 1988 but had lacked teeth. Now, it was given statutory powers. The SEBI Act was passed, giving it powers over all securities markets, thus ending the fiefdoms of independent stock exchanges owned and operated by brokers. The second change was collateral. The scam indirectly led to the emergence of electronic trading. The scam was made possible because of the information asymmetry of the old ‘ring trade’ or physical trade, where brokers held immense clout. Trade orders went out to investors unevenly, and brokers could manipulate the process. For instance, reconciliation of trades took time and pr...

Last year, Hansal Mehta returned to the world of web series with Scam 1992, based on the infamous stock market crash of 1992 in India. Adapted from journalists Sucheta Dalal and Debashish Basu’s book The Scam: Who Won, who Lost, who Got Away, Scam 1992 is being hailed as one of the best web series of the year. Hemant Kher plays the role of Harshad Mehta’s brother Ashwin Mehta, who was also a stockbroker in Harshad Mehta’s firm. He went on to 3. Jyoti Mehta Anjali Barot played Jyoti Mehta, Harshad Mehta’s wife. In 2014, Jyoti Mehta sued a Mumbai-based broker who owed six crore to Harshad Mehta since 1992. She 4. Sucheta Dalal Shreya Dhanwanthary played the role of journalist and author Sucheta Dalal, who was working with TOI when she investigated the high-profile Harshad Mehta Scam in 1992. She went on to investigate and report on several high profile financial fraud cases, including the Enron scam, the Industrial Development Bank of India scam, and the 2001 Ketan Parekh scam. A Padma Shri recipient, she is the co-author of the book The Scam, from which the series is adapted. 5. Debashis Basu Faisal Rashid plays Debashis Basu, co-author of the book The Scam and Sucheta Dalal’s husband. He was one of the journalists who investigated the Harshad Mehta scam in 1992. He currently runs Moneylife, a fortnightly magazine on investment. 6. Manu Mundra based on Manu Manek Played by Satish Kaushik, the character Manu Mundra is apparently based on the life of the kingpin of the stock ...

Photo for representational purpose. Sudhir Mehta, brother of the “Big Bull” Harshad Mehta, and 5 others, including senior bank officials and stock brokers, were convicted by a special court here in connection with defrauding of National Housing Bank to the tune of over Rs 700 crore. The Judgement comes 24 years after the securities scam rocked BSE and other stock exchanges in 1992. Harshad Mehta was also an accused in this case but the case against him was abated after he passed away in 2002. Justice Shalini Phansalkar-Joshi, on November 25, convicted Harshad’s brother Sudhir Mehta, Harshad’s cousin and stock brother Deepak Mehta, the then NHB officials C RaviKumar and Suresh Babu, former SBI officer R Sitaraman and stock brother Atul Parekh. The convicts were sentenced to jail terms ranging from six months to four years and fined collectively Rs 11.95 lakh after they were found guilty under the Indian Penal Code for cheating, forgery and criminal breach of trust. They were also found guilty under the Prevention of Corruption Act. However, the court acquitted three others, including Harshad’s cousin Hiten Mehta. The other two are stock brothers Pankaj Shah and Virendra Damani. They were given the benefit of doubt on all the charges faced by them. The court suspended the sentence and fine for eight weeks to enable them approach the Supreme court as the convicts pleaded that the apex Court was already on a winter vacation and in view of the demonetisation situation it would ...

Harshad Mehta was the king of the stock markets in the early 1990s and his popularity can be gauged from the names he was given. From Amitabh Bachchan of the stock market to the Big Bull , he was no less than a star for his clients and investors. With the revelation that he might have duped the State Bank of India of ₹500 crore, things changed for him. While Sony Liv’s show Scam 1992 gives us a detailed account of the financial fraud and its aftermath, Harshad Mehta’s interview to Pritish Nandy tells his side of story. We watched the entire 8-part series of his interview with Harshad Mehta, where the stock market tycoon talked about the scam, the system and its impact on him and his family. At that time, millions of people placed their trust in Harshad and invested their savings in the stock market. After the scam was exposed, not only did the market fall but so did people’s confidence in him. When Pritish Nandy asked Harshad if he could build that confidence again, he talked about all the efforts he had been putting to communicate with the banks and financial authorities so that nobody suffered losses because of him. He always reiterated the fact that he had paid off all his investors and clients. From the beginning of the investigation till the end, Harshad insisted that the way this case was dealt with was discriminatory. When asked if he was discriminated against, he mentioned how his family was also involved in the entire thing. Harshad’s term in jail was unique in so...

By Express News Service MUMBAI: Jyoti Mehta, widow of Harshad Shantilal Mehta, has claimed in a website launched to defend her late husband that the stockbroker was summoned for a meeting with the then PM Narasimha Rao on November 4, 1991, to ostensibly “boost” the markets and that he would have the “blessings” of the government in doing so. Harshad, she claimed, was accompanied by his younger brother Ashwin Mehta, Sunil Mittal, founder of Bharti Enterprises, and his father Satpal Mittal. “In the said meeting, the Hon’ble Prime Minister conveyed that the foreign currency situation of the country was alarming as there were reserves of only about 7 days and if they were not shored up the country could default and become a ‘banana republic,’ which would jeopardize the plans of the government to turnaround the situation.” The late Prime Minister, she said, wanted to dispel the environment of “gloom” and “revive” the animal spirits and build up confidence in the economy by “boosting the stock markets” since it was widely considered to be a barometer of the economy. “My husband was asked to boost the markets and a promise was made to him that he will have the blessings of the government in doing so. Harshad was called upon to serve the country at a most critical juncture and suggestions were also sought from him on the role that the stock market could play in providing the capital and boosting industrial growth.” Mrs Mehta said that courtesy of Harshad’s several steps to boost t...

new delhi: big bull harshad mehta, who gained notoriety in the wake of multi-crore securities scam 10 years ago, died at the thane civil hospital early on monday. he was 47. mehta, who was lodged in thane central jail, developed chest pain at around 11 pm on sunday, and was shifted to the civil hospital where he breathed his last at 12.40 am, police sources said. he was arrested by the cbi on november 9 with his brothers, ashwin and sudhir, in the case of alleged misappropriation of rs 250 crore from 27 lakh 'missing' shares of 90 blue chip companies. on december 21, a special court had rejected the bail plea of harshad and his brothers and remanded them to judicial custody till january 4. mehta gained notoriety - at least from the point of view of the common man - when he was charged with market manipulation in 1992-93. the infamous securities scam made mehta a household name even for those who had absolutely no inkling about the ways of the stock market. the scandal may have cost him his place as arguably the biggest and most influential stock broker in the modern stock market, but to thousands interested in making a career in stock markets mehta was god. known for his analytical mind, mehta could smell an opportunity to make a killing. when this correspondent met him in 1996, he was already a spent force. but, his popularity among the youth in mumbai was stunning. you just had to ask a youngster in mumbai's fort area, what he wants to be when he grows up. "harshad mehta...

Jyoti Mehta also talked about how on November 1, 1991, Harshad got a call from New Delhi that the then PM Shri Narasimha Rao had summoned him for a meeting. In the said meeting, the PM conveyed that the foreign currency situation of the country was alarming. “My husband was asked to boost the markets,” she claimed. Now, Jyoti Mehta has come out with a website saying that since Harshad was vilified through trial by media and which continues even till date by referring to him as a “scamster” even though he was not proved guilty of allegations made against him and therefore I am constrained and compelled to at least posthumously defend him. Since Mehta passed away, the family has been buried under litigation after litigation, with some “virtually paralysing” them, her website states. “It cast acute legal disability on all of us besides throwing all of us out of our business and income-earning activities. For more than 2 decades we have lived without bank accounts.” The site states that Mehta, who died at 47, saw claims of health complaints for four hours after he suffered the first heart attack. Doctors did not give him any medicine, except for Sobitrate which his wife had provided for emergencies. Post this, he wasn’t shifted to a hospital in the next four hours, where he passed away after suffering a second heart attack. “Only at 11 p.m., he was made to walk for a long distance to the Thane hospital where he immediately succumbed in a wheelchair after his cardiogram confirm...

• Clear skies: Once-upon-a-time Big Bull Harshad Mehta, the stockbroker who earned both fame and notoriety, may no longer be alive to celebrate this news, but his family — especially his wife Jyoti Mehta and brother Ashwin Mehta — are having a great run at the courts this month. The latest good news for them being the dismissal of the Income Tax (IT) department’s claims of tax on the Mehtas’ ITAT) has deleted the additions made by the IT department for the assessment year 1992-93. • ‘Interesting’ years: While Mehta passed away in 2001, his family has been fighting court cases since the dubious firsts. • First billion dollar scam in India, with the loss to banks being • First stock broker to feature on the cover of business magazines. • First time an incumbent PM — P V Narasimha Rao — was accused of personally accepting a bribe, of Rs 1 crore, with Mehta alleging he paid the amount to secure his release. • First time lawyers in India started charging • First time the stock market lost a trillion rupees — Rs 1 lakh crore — when it crashed in the scam’s aftermath. • First time share prices of individual stocks touched the five figure mark — ACC touched an all time high of Rs 10,000 while SBI reached Rs 21,000.

Bio/Wiki Full Name Harshad Shantilal Mehta [1] Names Earned The Big Bull & The Amitabh Bachchan of Stock Market [2] Profession Stockbroker Famous For Masterminding the 1992 Stock Market Scam of over INR 4000 crore rupees Personal Life Date of Birth 29 July 1954 (Thursday) Birthplace Paneli Moti, Rajkot District, Gujarat Date of Death 31 December 2001 (Monday) Place of Death Thane Civil Hospital, Mumbai Age (at the time of death) 47 Years Death Cause Heart Ailment [3] Zodiac sign Leo Nationality Indian Hometown Paneli Moti, Rajkot District, Gujarat School Holy Cross Senior Secondary School, Raipur, Chhattisgarh College/University Lala Lajpat Rai College of Commerce and Economics, Mumbai (1976) Educational Qualification B.Com [4] Relationships & More Marital Status (at the time of death) Married Family Wife/Spouse Jyoti Mehta Children Son- Atur Mehta Daughter- None Parents Father- Shantilal Mehta (Businessman) Mother- Rasilaben Mehta Siblings Brother- Sudhir Mehta, Hitesh Mehta & Ashwin Mehta (Advocate) Sister- None Some Lesser Known Facts About Harshad Mehta • Born into a Gujarati Jain family, Harshad Mehta was a stockbroker who carried out the 1992 stock market scam, apparently, the biggest ever stock market scam in India. • Harshad spent his early childhood years in Mumbai’s Kandivali, where his father, Shantilal, used to run a small textile business. Later, the Mehta family moved to Chhattisgarh’s Raipur, where Harshad did his schooling and then came back to Bombay (now ...