Who is Harshad Mehta?
Ram JethmalaniWhen the Harshad Mehta stock market scam was unearthed in 1992, it is understood to have catapulted the status of Mumbai-based lawyers. Harshad and his brothers hired Ram Jethmalani to defend them after nearly 70-odd criminal cases were lodged against the Mehta family.Sep 8, 2019 Who is the best advocate in India? A: While it is difficult to pick the …
Who is Harshad Mehta’s attorney Ashwin?
· Harshad Mehta being taken away after having been arrested by the Mumbai Police Harshad, who had hired the famous veteran lawyer Ram Jethmalani to see his case, was granted bail from the High Court of Bombay after spending three months in jail. Harshad Mehta with Ram Jethmalani during a press conference
How did the Harshad Mehta scam catapult Mumbai-based lawyers to fame?
harshad mehta scam 1992 law insider in By Diksha Mehta- Harshad Shantilal mehta, the ‘Big Bull’ of the Indian Stock Market was born on 29 July, 1954 in Gujarat, India in a lower middle class Gujarati family and his father was a small businessman.
How many years Harshad Mehta was on trial for?
· Ashok Samani, a businessman, and stockbroker bought the famous Harshad Mehta house for ₹32.6 crores. Where is Harshad Mehta now -Harshad Mehta fought several court cases and paid nearly ₹1,700 crores to banks. He was constituted as attorney of Harshad. After the death of in 2001, the case against him was soon abated.
Who is the richest lawyer in India?
Top 10 Highest Paid Lawyers in India1 – Ram Jethmalani: INR 25 lacs. ... 2 – Kapil Sibal: INR 8-16 lac. ... 3 – Fali Sam Nariman: INR 8-15 lacs. ... 5 -Soli Jehangir Sorabjee: INR 8-15 lacs. ... 6- Kesava Parasaran: INR 8-12 lacs. ... 7- Abhishek Manu Singhvi: INR 6-11 lacs. ... 8- Kottayan Katankot Venugopal: INR 5-7.5 lacs.More items...
Who was Harshad Mehtas advocate?
Ram Boolchand Jethmalani (23 September 1923 – 8 September 2019) was an Indian lawyer and politician.
Who is the No 1 lawyer in India?
Ram Jethmalani He is the highest paid lawyer in India and used to charge up to 25 lakh for one appearance. He had clients like Harshad Mehta, Ketan Parekh and has also defended L. K. Advani in the Hawala scam.
Who is the top lawyer in the world?
Alan Morton Dershowitz is an American attorney, political commentator, and jurist. He has spent the past fifty years practicing the law and is well recognized for handling a number of high-profile legal cases.
Where is Bhushan Bhatt now?
He is in Jail right now. Yes, you heard it right younger brother of the big bull is in jail. On 7th April 2012 Saturday, CID (Criminal Investigation Department) arrested him.
What is the fees of Harish Salve?
As of the media report, Harish Slave fees per day are 30 Lakh Rupees and this amount is not affordable for other than Business Tecon and Celebrities that why he is the highest-paid lawyer of India.
Who is Salman Khan lawyer?
Shrikant ShivadeMumbai: Shrikant Shivade — lawyer for Salman Khan, Saif Ali Khan and others — is no more; loss to bar, say seniors | Mumbai News - Times of India.
Who is the youngest lawyer in India?
Swaraj Kaushal (born 12 July 1952) is an Indian criminal lawyer practicing in New Delhi. He was designated as a senior advocate by the Supreme Court of India at age 34, and he became the Governor of Mizoram at the age of 37, serving between 1990 and 1993....Swaraj KaushalOccupationLawyer politician18 more rows
Who is the lawyer of Mukesh Ambani?
Harish SalveHarish Salve, is a lawyer unlike many. From the rich to the penniless, he has represented a spectrum of people in the courts all across the word. He charges anywhere between Rs 15-25 Lakhs for a single appearance, making him one of the highest-paid lawyers in India.
Who is the most paid lawyer?
Highest paid lawyers: salary by practice areaTax attorney (tax law): $122,000.Corporate lawyer: $115,000.Employment lawyer: $87,000.Real Estate attorney: $86,000.Divorce attorney: $84,000.Immigration attorney: $84,000.Estate attorney: $83,000.Public Defender: $63,000.More items...•
Who is the best lawyer in the world 2021?
Jun 29, 2020 — Top 10 Best Lawyers In The World 2021 · John Branca · Jane Wanjiru Michuki · Roy Black · Willie E. Gary · Judy Sheindlin · Bill Neukom · William Lerach (5)… Howard K. SternStacey GardnerVikki ZieglerHarish SalveVernon JordanJohn BrancaWillie E.
Who is the best celebrity lawyer?
Top 10 Best Celebrity Lawyers#1: Johnnie Cochran. You know the words: “if it doesn't fit, you must acquit.” In the mid-90s, Johnnie Cochran famously and successful defended O.J.#2: Alan Dershowitz. ... #3: Clarence Darrow. ... #4: F. Lee Bailey. ... #5: Gloria Allred. ... #6: Marcia Clark. ... #7: Vincent Bugliosi. ... #8: Jim Garrison. ... More items...
What is Harshad Mehta's job?
Occupation. Businessman, stockbroker. Criminal penalty. 5 years rigorous imprisonment. Harshad Shantilal Mehta was an Indian stockbroker. Mehta's involvement in the 1992 Indian securities scam made him infamous as a market manipulator. Although, as reported by the Economic Times, some financial experts believe that Harshad Mehta did not commit any ...
Where is Harshad Mehta from?
Harshad Shantilal Mehta was born on 29 July 1954, at Paneli Moti, Rajkot district, in a Gujarati Jain family. His early childhood was spent in Borivali, where his father was a small-time textile businessman.
How did Mehta use forged BRs?
Mehta used forged BRs to gain unsecured loans, and used several small banks to issue BRs on demand. Once these fake BRs were issued, they were passed on to other banks and the banks in turn gave money to Mehta, assuming that they were lending against government securities when this was not really the case.
How did Mehta die?
Of the 27 criminal charges brought against Mehta, he was only convicted of four, before his death (by sudden heart attack ) at age 47 in 2001. It was alleged that Mehta engaged in a massive stock manipulation scheme financed by worthless bank receipts, which his firm brokered for "ready forward" transactions between banks. Mehta was convicted by the Bombay High Court and the Supreme Court of India for his part in a financial scandal valued at ₹100 billion (US$1.3 billion) which took place on the Bombay Stock Exchange (BSE). The scandal exposed the loopholes in the Indian banking system and the Bombay Stock Exchange (BSE) transaction system, and consequently the SEBI introduced new rules to cover those loopholes. He was on trial for 9 years, until he died at the end of 2001.
Why is Mehta called the Big Bull?
By the second half of 1991 Mehta had earned the nickname of the "Big Bull", because he was said to have started the bull run in the stock market.
What is Mehta's job?
Mehta started his career as a sales person in the Mumbai office of New India Assurance Company Limited (NIACL). During this time, he got interested in the stock market and after a few days, resigned and joined a brokerage firm. In the early 1980s, he moved to a lower level clerical job at the brokerage firm Harjivandas Nemidas Securities where he worked a jobber for the broker Prasann Pranjivandas Broker who he considered his "Guru".
What cars did Mehta have?
His flashy lifestyle of a sea facing 15,000 square feet penthouse in the tony area of Worli complete with a mini golf course and swimming pool, and his fleet of cars including a Toyota Corolla, Lexus LS 400, and Toyota Sera were flashed in publications. These further exemplified his image at a time when these were rarities even for the rich people of India.
How did Harshad Mehta do business?
Harshad’s style of doing business was simple. He would secretively siphon off an enormous sum of money from government security markets for a brief period and then invest this money in a few selected securities. The amount that he used to invest in buying the shares was so high that the price of that share would rise exponentially and then fall back when he would sell those shares. When the price of a particular security would rise, people would get excited and invest in that security, causing the share to rise more. Thereafter, Harshad Mehta would slowly liquidate his shares, pay off the siphoned off money to the banks and pocket the enormous difference caused by rising security prices. Harshad took advantage of the loopholes in the banking system and continued this practice on an incredible scale. In one year, he had elevated the Sensex, i.e., the index of the Bombay Stock Exchange from 1000 to 4500.
When was Harshad Mehta arrested?
The CBI arrested Harshad Mehta in November 1992 along with his brothers, Sudhir and Ashwin, who were also involved in carrying out the scam. The CBI charged Harshad Mehta of 72 criminal offences and above 600 criminal action cases were lodged against him by various banks and institutions.
How much did Harshad Mehta pay to Narasimha Rao?
After getting released from jail, Harshad held a press conference wherein he claimed to have paid INR 1 crore as a bribe to the then PM Narasimha Rao to get him off the case. However, the Indian National Congress Party rubbished the allegations made by Harshad Mehta.
What did Harshad do after graduation?
After completing his graduation in 1976, Harshad did odd jobs for the next eight years. He became a cement contractor, sold hosiery, sorted diamonds, worked as an insurance clerk, and did many other sales-related jobs.
Where did Harshad Mehta live?
Later, the Mehta family moved to Chhattisgarh’s Raipur, where Harshad did his schooling and then came back to Bombay (now Mumbai) for his graduation in 1973.
What happened to Harshad's stock market?
When Harshad’s scandal was exposed, the banks, from where he had borrowed money, started demanding their money, and shareholders started selling their shares. This caused a major stock market crash, which washed away worth trillions of investors’ wealth in less than two months.
When did Harshad become famous?
Harshad’s business witnessed a meteoric rise. By the end of 1991, he had already risen to such prominence that the media started referring to him as the “Big Bull” & the “Amitabh Bachchan of Stock Market.”
Who was Harshad Mehta?
Harshad Mehta was himself a broker in all these deals. He acted as a middleman between two banks and convinced them to transfer the securities amount in his name.
When was Harshad Mehta arrested?
Harshad Mehta, alongwith his brothers Ashwin and Sudhir were arrested by the CBI in November, 1992 and their properties were attached.
What did Mehta do at NIACL?
During his time at the NIACL, Mehta became interested in the stock market. He quit his job and joined a brokerage firm ‘Harjivandas Nemidas Securities’, headed by a broker named Prasann Pranjivandas, whom he considered his Guru.
Why did Harshad Mehta keep his mouth shut?
Although the banks were aware of his actions, but they kept their mouths shut because Mehta transferred a certain amount of his profits to their accounts.
How did Mehta raise the stock market?
Mehta used securities obtained from the banks against forged cheques signed by corrupt officials. He raised the stock prices through fictitious and mal-practices and sold the stocks of companies to various buyers at immensely high prices. When the scam was uncovered, the stock market hit a downfall and investors lost lakhs of money invested by them.
How many sq ft was Mehta's penthouse?
It was common knowledge that Mehta onwed a 12,000 sq.ft. Worli Penthouse and high end cars like Toyota Corolla, Lexus Starlet, and Toyota Sera which were a dream for even the rich people at that time.
Who orchestrated the stock market scam?
The scam was fully orchestrated by Harshad Mehta using Bank Receipts and Stamp Paper which caused the whole securities market to crash leading to a systematic change in all the policies relating to the stock market.
When did Harshad Mehta die?
When Harshad died in police custody in 2001, his family participated in a series of court battles. After 27 years, the Income Tax tribunal scrapped almost the entire tax demand of ₹2.014 crores on late Harshad Mehta, his brother Ashwin and his wife Jyoti in February 2019.
What is Madhuli in Harshad Mehta?
Madhuli is one of Harshad Mehta’s most valuable properties, later known as Big Bull, and it is said to have a billiard room, mini-golf course, and mini-theater. About the 1992 scam. The violations in securities transactions of the banks and financial companies were detected in the second quarter of 1992.
When did Harshad Mehta scam break?
When the Harshad Mehta scam broke in 1992, it is understood to have catapulted the status of Mumbai-based lawyers.
Who shot down Khehar Singh?
Jethmalani successfully proved that the link between Balbir Singh and the two Sikh guards who shot down the Prime Minister was tenuous. But, he could not save Khehar Singh, who was sentenced to death. It boiled down to their being Sikh colleagues in the security police at the Prime Minister’s house.
What case could have marked the beginning of serious money coming into the profession?
The Harshad Mehta case could have marked the beginning of serious money coming into the profession.
How old was Ram Jethmalani when he started practicing law?
At the time, the minimum age to practice law was 21, but an exception was made to allow Ram Jethmalani to start practicing at the age of 18.
How long was Murugan in jail?
Jethmalani argued for commuting LTTE operative Murugan’s death sentence in the Rajiv Gandhi assassination case on the grounds that he had spent more than 23 years in prison, and if the remissions earned were to be taken into account, the period of incarceration would be over 30 years.
When did Ram Jethmalani die?
It has been updated and republished from The Quint’s archives after senior SC advocate Ram Jethmalani passed away at the age of 95 on 8 September 2019. ) (At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a membe r.
Who was thrown out of the BJP after the case?
Jethmalani was thrown out of the BJP after the case. When he eventually found his way to the Rajya Sabha as an MP, the Congress benches shouted – “ Indira Gandhi ke hathyaron ka wakil, usko tum Rajya Sabha main le ke aaye (You have brought the lawyer who defended Indira’s killers to the Rajya Sabha).”.
When did Harshad Mehta die?
After the death of Harshad Mehta in 2001, the case against him was soon abated. Ashwin fought the battle till 2018 and was acquitted by a special court in the case of the State Bank of India. “Scam 1992” series is based on the stock market crash of 1992 in India. It focuses on the life of Harshad Mehta.
What happened to Harshad Mehta's family?
However, he was caught in a scam worth thousands of crores in the year 1992. In 2001, he passed away in police custody and his family was caught in a series of legal battles.
Who is Harshad Mehta's brother?
Ashwin Mehta , Harshad’s brother pursued a degree in law in his mid-50s. And currently, he is practicing in Mumbai High Court as well as Supreme Court. To clear his brother’s name, he fought several court cases and paid nearly ₹1,700 crores to banks. He was constituted as attorney of Harshad. After the death of Harshad Mehta in 2001, the case against him was soon abated. Ashwin fought the battle till 2018 and was acquitted by a special court in the case of the State Bank of India. Ashwin Mehta is a vital part of Harshad Mehta’s family.
How much money did Jyoti owe Harshad Mehta?
They owed apparently ₹6 crores since 1992 to Harshad Mehta. Jyoti received the entire amount with 18% interest. Ashwin Mehta, Harshad’s brother pursued a degree in law in his mid-50s. And currently, he is practicing in Mumbai High Court as well as Supreme Court.
Wiki/Biography
Career
- Besides studying B.Com at Lala Lajpatrai College, Mumbai, Mehta was engaged in several odd jobs which were often related to selling cement, categorising diamonds, and so on. He also worked as a salesman in New India Assurance Company Limited. During this time, he got interested in the stock market so much that in 1980, he resigned from his existing job and starte…
Impact of The Scam
- On the Stock Market
The scam of 1992 had a huge impact on the capital market and banking system of the country. As the scam was unmasked, the Sensex which stood at 4467 points in January 1992, suddenly crashed to 2529 points in the month of August. It wiped off more than Rs. 1,00,000 crores from t… - On the Banking System
After the scam got exposed, banks were left with invalid BR’s and a whopping Rs. 4,000 crores loss. It also contributed to the suicide of the former chairman of Vijaya Bank Mr. B.B Shetty, who had reportedly issued fake cheques to Harshad Mehta.
Arrest, Conviction & Sentence
- In November 1992, Harshad Mehta was arrested by the CBI and was charged with 72 criminal offences and more than 600 criminal actions taken by various financial institutions and banks. He hired the famous lawyer Ram Jethmalani and was granted bail after three months. Again in 1999, Harshad Mehta was convicted in Maruti Udyog Scam by the Bombay High ...
Death
- When Mehta was serving his 5-year imprisonment, he complained of chest pain and was taken to a civil hospital in Mumbai, and on 31 December 2001, he died of a heart attack.
Films & Book Adaption
- Books
1. The Scam: Who Won, Who Lost, Who Got Away (1993) 1. The Scam: From Harshad Mehta to Ketan Parekh (2001) - Films
1. Scam 1992: The Harshad Mehta Storyis a very popular web series, which can be streamed on SonyLIV and is based on his life. 1. The scandal was also depicted in various movies through characters such as Natwar Shah in “Aankhein (1993).” 1. The 2006 Indian Hindi-language crime …
Facts/Trivia
- Harshad Mehta was a cricket enthusiast in his childhood.
- Harshad Mehta had 40 rupees in his pocket when he returned to Mumbai in 1973. He rose up from rags and built a fortune worth hundreds of crores.
- Even after getting banned from the stock market, in 1998, Harshad made a comeback as a “stock market guru” by starting his own website, harshadmehta.com, to share his analysis of …
- Harshad Mehta was a cricket enthusiast in his childhood.
- Harshad Mehta had 40 rupees in his pocket when he returned to Mumbai in 1973. He rose up from rags and built a fortune worth hundreds of crores.
- Even after getting banned from the stock market, in 1998, Harshad made a comeback as a “stock market guru” by starting his own website, harshadmehta.com, to share his analysis of the stock market a...
- Sucheta Dalal, the journalist who exposed Harshad Mehta Scam, was honoured with Padma Shri in Journalism in 2006.Ms Sucheta Dalal, a well-known business journalist receiving the Padma Shri Award fo...
Overview
Harshad Shantilal Mehta (29 July 1954 — 31 December 2001)was an Indian stockbroker. Mehta's involvement in the 1992 Indian securities scam made him infamous as a market manipulator.
Of the 27 criminal charges brought against Mehta, he was only convicted of four, before his death (by sudden heart attack) at age 47 in 2001. It was allege…
Early life
Harshad Shantilal Mehta was born on 29 July 1954, at Paneli Moti, Rajkot district, in a Gujarati Jain family. His early childhood was spent in Borivali, where his father was a small-time textile businessman.
Education
He did his early study in Janta Public School, Camp 2 Bhilai. A cricket enthusiast, Mehta did not show any special promise in school and came to Mumbai after his schooling for studies and to find work. Mehta completed his B.Com in 1976 from Lala Lajpatrai College, Bombay and worked a number of odd jobs for the next eight years.
Work and life
Jobs, often related to sales, including selling hosiery, cement, and sorting diamonds. Mehta started his career as a sales person in the Mumbai office of New India Assurance Company Limited (NIACL). During this time, he got interested in the stock market and after a few days, resigned and joined a brokerage firm. In the early 1980s, he moved to a lower level clerical job at the brokerage firm Harjivandas Nemidas Securities where he worked a jobberfor the broker Pras…
Background of the 1992 security fraud
Up to the early 90's banks in India were not allowed to invest in the equity markets. However, they were expected to post profits and to retain a certain ratio (threshold) of their assets in government fixed interest bonds. Mehta cleverly squeezed capital out of the banking system to address this requirement of banks and pumped this money into the share market. He also promised the banks higher rates of interest, while asking them to transfer the money into his per…
In popular culture
• Mehta's life and his 1992 scam are covered in great detail by Sucheta Dalal and Debashis Basu in their book The Scam: from Harshad Mehta To Ketan Parekh.
• Scam 1992, streaming on SonyLIV and produced by Applause Entertainment is based on his life, which was inspired from Sucheta Dalal's book The Scam. Actor Pratik Gandhi played Mehta. It is one most highly rated television shows in the world on IMDb
• Mehta's life and his 1992 scam are covered in great detail by Sucheta Dalal and Debashis Basu in their book The Scam: from Harshad Mehta To Ketan Parekh.
• Scam 1992, streaming on SonyLIV and produced by Applause Entertainment is based on his life, which was inspired from Sucheta Dalal's book The Scam. Actor Pratik Gandhi played Mehta. It is one most highly rated television shows in the world on IMDb
See also
• Ramalinga Raju
• Hasan Ali Khan
• List of scandals in India
External links
• NY Times Article on Harshad Mehta
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