Harshad Mehta Tax Payment | IT Dept gets Rs. 1,995 crore From Harshad Mehta
Harshad Mehta Tax Payment | IT Dept gets Rs. 1,995 crore From Harshad Mehta
In an order pertaining to distribution of funds of the Harshad Mehta Group (HMG) to clear the dues of the late “Big Bull”, the Special Court (Trial of offences relating to transactions under Securities Act, 1992) of the Bombay High Court on Friday directed the custodian, appointed under Special Court Act) to pay Rs. 1,995.66 crore to the Income Tax (I-T) Department.
Justice DK Deshmukh also cleared another Rs. 225 crore worth of the group’s dues. The custodian was directed to pay Rs. 25 crore to CanBank Financial Services and Rs. 200 crore to State Bank of India (State Bank of Saurashtra, now merged with the parent bank).
The custodian had submitted to the court that the total bank balance in the HMG ‘s attached account — including the group’s bank balance and that of its benami and unregistered shares — was Rs. 2,238.02 crore. The details of the assets and liabilities of the group provided to the court by the custodian state that the HMG (including the assets and liabilities of Harshad Mehta’s mother Rasilaben and sister-in-law Rina) had total assets worth Rs. 3,204.92 crore and liabilities worth Rs. 28,336.33. The liabilities were in excess of assets by Rs. 25,131.41 crore as on December 12, 2010.
Posted by on Feb 26 2011. Filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.
