Ram Boolchand Jethmalani (23 September 1923 – 8 September 2019) was an Indian lawyer and politician.
How did the Harshad Mehta case catapult the status of Mumbai-based lawyers?
Jul 05, 2016 · “The Harshad Mehta Case catapulted the status of Mumbai-based lawyers,” reminisces veteran lawyer Rohit Kapadia, who appeared for National Housing Bank in the Harshad Mehta scam case. “This was the first time they started charging Rs 1 lakh per appearance. That kind of money was not billed by even the most successful of Supreme Court …
When did Harshad Mehta come out of prison?
As Sucheta Dalal puts it, ”Interestingly, Ashwin Mehta, who had been co-accused in this case with the late Harshad was acquitted.” Ashwin is now a qualified lawyer. He regularly handles cases in the Mumbai High Court as well as in the Supreme Court. He now spends his days using the law to win arguments and add excitement to his life.
Who is Harshad Mehta?
Nov 02, 2021 · Ashwin Mehta is a lawyer in Mumbai High court and also practices in the honorable Supreme Court. He did a degree in law in his mid-50s and now he is a busy lawyer today practicing in Mumbai High Court as well as Supreme Court. He is also one of the brothers of Harshad Mehta, the main culprit of the Indian security scams.
What did Ashwin Mehta do After Harshad's death?
Harshad Mehta Lawyers take on Pm N . RawVideo Strictly for Educational Purpose No copyright Infringement Intended#harshad #mehta #interview #real #story #sc...
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.Jul 1, 2021
Who is the highest paid 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 is the best lawyer in Karnataka?
Madhusudan R Naik is the current Advocate General of Karnataka. He excels in the field of law with B.A, LLB, PGDEL, degrees.Apr 11, 2017
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 best advocate?
10 highest-paid lawyers in IndiaRam Jethmalani. He is the oldest lawyer in India at 93 years. ... Fali Nariman. He has been awarded with Padma Bhushan, Padma Vibhushan and the Prize for Justice for his contribution to law and judicial system. ... KK Venugopal. ... Gopal Subramaniam. ... P. ... Harish Salve. ... Abhishek Manu Singhvi. ... C.More items...•Apr 6, 2017
What is the income of criminal lawyer?
Criminal Lawyer salary in India ranges between ₹ 0.3 Lakhs to ₹ 10.0 Lakhs with an average annual salary of ₹ 3.0 Lakhs. Salary estimates are based on 57 salaries received from Criminal Lawyers.Mar 19, 2022
What is an attorney called?
A lawyer (also called attorney, counsel, or counselor) is a licensed professional who advises and represents others in legal matters. Today's lawyer can be young or old, male or female.Sep 10, 2019
What is the lawyer fee for a divorce in India?
What is the cost involved? The court fee is nominal at Rs 15, but the bulk is taken up by lawyer's fees. While women can avail of free legal services by getting an advocate from the legal aid cell, private lawyers' fee can vary from Rs 10,000 to Rs 1 lakh, depending on the type of divorce and duration involved.Jan 27, 2020
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 long was Harshad Mehta in jail?
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 fraud, he had "simply exploited loop holes in ...
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.
Who is Harshad Shantilal Mehta?
From Wikipedia, the free encyclopedia. This is the latest accepted revision, reviewed on 16 July 2021. 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 ...
What happened in 1992?
Outbreak of 1992 securities fraud. On 23 April 1992, journalist Sucheta Dalal exposed illegal methods in a column in The Times of India. Mehta was dipping illegally into the banking system to finance his buying. A typical ready forward deal involved two banks brought together by a broker in lieu of a commission.
How many charges did Mehta have?
Of the 27 criminal charges brought against him, 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.
Where did Mehta go to school?
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.
How many cases were filed against Harshad Mehta?
In 1992, when the scam came into light, 76 criminal cases and over 600 civil suits were filed against Harshad Mehta and his family. That apart, several banks and financial institutions had lodged cases against each other for getting their money back.
How did Harshad Mehta manipulate the stock market?
Harshad Mehta was a well-known stock broker, alleged to have manipulated the stock market in 1992 by drawing out funds from banks fraudulently. Some finance experts believe, Harshad Mehta did not commit any fraud, “he simply exploited loopholes in the system,” they opine.
Who killed Sylvia's husband?
A handsome Naval officer, Kawas Nanavati, shot dead his wife Sylvia’s paramour, Prem Ahuja, after discovering that he had no intention of marrying her or accepting their children as his own. The case was among the first to be put to a media trial and the last to be decided by a jury. At the time, Jethmalani was not the maverick he would eventually be known as, and in his own words, the case had earned him “great fame which I badly needed at the time.”
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.
What happened in 1975?
On the night of 25 June 1975, Indira Gandhi declared an Emergency. The government, in its attempt to exercise absolute control, passed the Maintenance of Internal Security Act (MISA) to make arbitrary arrests. Hundreds of political activists and journalists were jailed or put under house arrest without any explanation or legal recourse. A team of 12 lawyers, led by Shanti Bhushan, challenged the unlawful detentions in the Supreme Court. This came to be called the Habeas Corpus case. And the question argued by these lawyers was whether fundamental rights, like the right to life, stood abrogated during a state of Emergency.
Was Indira Gandhi's assassination an open case?
Indira Gandhi’s assassination was believed to be an open and shut case. But, thanks to Jethmalani, it turned out to be anything but. He got involved in the case after the accused conspirators – Balbir Singh and Khehar Singh – requested that he represent them.
What is the story of Harshad Mehta?
Story of Harshad Mehta, financial frauds and the lessons that were never learned. It has been nearly three decades since the securities scam of 1992 was unearthed. The high-profile scam involving infamous stockbroker Harshad Mehta revealed the gaping loopholes India’s banking sector — a problem that still leads to countless bank frauds in ...
What did Harshad Mehta do to the money market?
While Harshad Mehta exploited the visible communications gaps in the money market to defraud banks and manipulate stocks, the changes after 1992 and those amended later have failed to improve the gaping loopholes in India's banking sector.
What was the stock market scam of 1992?
Securities Scam of 1992. Harshad Mehta, a Bombay-based stockbroker, had become a familiar name on Dalal Street during the early 1990s before he was charged with the securities scam in 1992, bringing an end to his bull run. Harshad Mehta was often referred to as the 'Big Bull' of Dalal Street or the 'Amitabh Bachchan' of ...
Who owns Dewan Housing Finance?
In both cases, the Wadhawans, who own Dewan Housing Finance Ltd (DHFL) Group and Housing Development Infrastructure Limited (HDIL), used their strong banking connections to receive huge loans but failed to repay the borrowed amount. This led both the banks to collapse and deeply hurt their customers.
What was Harshad Mehta's role in the banking system?
Like many other brokers at the time, Mehta had taken advantage of a 'shortcut' used by the banks used to deal in government securities. Harshad Mehta at a Mumbai court in 1997.
What happened to Ketan Parekh?
Ketan Parekh also manipulated the stocks, leading to another major crash in the stock market. (File Photo) Parekh had fleeced a Madhavpura Mercantile Commercial Bank, a cooperative bank, to get a huge loan in the form of payment orders. He then diverted that money for manipulating stocks.
Who is the big bull in the stock market?
Harshad Mehta was often referred to as the 'Big Bull' of Dalal Street or the 'Amitabh Bachchan' of the Indian stock market - a tag that he earned due to his flamboyant lifestyle after becoming a celebrity-status stockbroker.
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 intere…
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 Court and was senten…
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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