During this time, he got interested in the stock market and after a few days, resigned and joined a brokerage firm. Mehta started his career as a sales person in the Mumbai office of New India Assurance Company Limited (NIACL). Jobs, often related to sales, including selling hosiery, cement, and sorting diamonds. Mehta completed his B.Com in 1976 from Lala Lajpatrai College, Bombay and worked a number of odd jobs for the next eight years. 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. He did his early study in Janta Public School, Camp 2 Bhilai. His early childhood was spent in Borivali, where his father was a small-time textile businessman. Harshad Shantilal Mehta was born on 29 July 1954, at Paneli Moti, Rajkot district, in a Gujarati Jain family. 4 Background of the 1992 security fraud.He was on trial for 9 years, until he died at the end of 2001 from heart attack. 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. ![]() 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). 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. ![]() ![]() 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. Mehta's involvement in the 1992 Indian securities scam made him infamous as a market manipulator. Harshad Shantilal Mehta (29 July 1954 - 31 December 2001) was an Indian stockbroker.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |