BOMBAY (PTI): The Central Bureau of Investigation (CBI) would not ask for custody of bull operator Harshad Mchtaafter July 30 in five remand cases its counsel M P Johari told the special court presided over by Justice S.N. Variava.
Justice Variava had remanded Mchia to CBI custody till July 30 on an understanding that CBI would not seek remand again on any further first information report (FIR) for any offence covered by the two reports of the Janakiraman committee
After the rem and matter was over the judge heard arguments of various counsels on the Petitions filed by the stock exchanges of Bombay Calcutta and Delhi The arguments concluded and the matter was posted for July 21. Rascva continuing his submissions V Balasubramaniam counsel for the income tax department Urged that certificates regarding attachment of assesses who had Not paid their tax dues issued by the tax recovery officer under the Provisions of rule 31 under the second schedule to the income tax act were unassailable.
He said the tax department was interested in helping various parties to arrive at settlement of their interests. Under rule 31 the court could decide question of priority and of title in the assets which were in the custody of a court.
However Balasubramaniam submitted that in the present instance the assets of notified person were not in custody of the court. A search had been carried out on the premises of Harshad Mehta’s group on February 28 and shares worth rs 70 corers out of the group’s shares worth rs 6 billion were traced.
CBI had traced shares and securities of Mehta Worth between Rs 35010R$400 million and the stock exchange of: Calcutta had detained amount due to Mehta to tune of Rs 500 million, The Bombay, stock exchange had shares and cash of Mehta worth Rs. 350 million.
Article extracted from this publication >> July 31, 1992
