INDIA BUSINESS WORLD - OCTOBER 21st - NOVEMBER 15th
- 2007
HARSHAD'S WIDOW SEEKS STAY ON RIL STAKE SALE
Jyoti Mehta, widow of late Big Bull Harshad Mehta, has filed a petition before the special court trying the 1992 securities scam cases seeking a stay on the sale of over 24 lakh shares of Reliance Industries belonging to the Harshad Mehta group. The petition was filed after the custodian of the special court put up an advertisement in newspapers for auctioning the shares. In the advertisements, bids were invited by November 1.
In the petition, Ms Mehta pointed out that the scheme framed by the court for sale of shares needed a critical review as the earlier sales under the scheme had caused loss of several thousand crores to the notified parties.
The scheme was challenged by several notified parties, including Apollo Tyres, before the Supreme Court. The Supreme Court had admitted the petition in the case of Apollo Tyres shares and had directed the parties concerned not to deal with the shares till further orders. The case is still pending.
The petition also sought disclosure from the custodian on break-up of the shares bunched under the "name and style of" Harshad Mehta group. Ms Mehta said there is no such group.
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