Harshad Arora is an Indian model and TV actor. It was this ready forward deal that Mehta and his accomplices used with great success to channel money from the banking system. The price of shares in the cement company eventually rose from ₹200 to nearly ₹9,000 due to a massive spate of buying from a set of brokers including Mehta. Twitter: @har1603 Once these fake BRs were issued, they were passed on to other banks and the banks in turn gave money to Mehta, plainly assuming that they were lending against government securities when this was not really the case. [10], He was arrested and banished from the stock market with investors holding him responsible for causing a loss to various entities. The scandal exposed the loopholes in the Indian banking system, Bombay Stock Exchange (BSE) transaction system and SEBI further introduced new rules to cover those loopholes. As of late he is wanting to include in the TV series The King’s Daughter alongside Vaani Sood, Gracy Goswami, Neha Solanki, Ankit Gupta and Mamik Singh. [19] He died with many litigations still pending against him. During this time, he got interested in the stock market and after a few days, resigned and joined a brokerage firm. 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. Mehta was convicted by the Bombay High Court and the Supreme Court of India[3] for his part in a financial scandal valued at ₹5,000 Crores which took place on the Bombay Stock Exchange (BSE). May 2020. Surbhi Chandna is an Indian TV actress. Required fields are marked *. Another instrument used in a big way was the bank receipt. He later left his place of employment to seek after his profession in media industry. He has finished his post graduate in Advertising and PR field.After finished his instruction he has worked in a private PR office. [9] Mehta justified this excessive trading in ACC shares by stating that the stock had been undervalued, and that the market had simply corrected when it revalued the company at a price equivalent to the cost of building a similar enterprise; the so-called "replacement cost theory" that he had put forward. Mehta used this money temporarily in his account to buy shares, thus hiking up demand of certain shares (of good established companies like ACC, Sterlite Industries and Videocon) dramatically, selling them off, passing on a part of the proceeds to the bank and keeping the rest for himself. They even call each other as a closest companion. A typical ready forward deal involved two banks brought together by a broker in lieu of a commission. His flashy lifestyle of a sea facing 15,000 square feet penthouse in the tony area of Worli complete with a mini golf course and swimming pool, and his fleet of cars including a Toyota Corolla, Lexus Starlet, and Toyota Sera were flashed in publications. Having figured this out, Mehta needed banks, which could issue fake BRs, or BRs not backed by any government securities. the seller of securities, gave the buyer of the securities a BR.
At that time, a bank had to go through a broker to buy securities and forward bonds from other banks. These further exemplified his image at a time when these were rarities even for the rich people of India. [8] Mehta completed his B.Com in 1976 from Lala Lajpatrai College, Mumbai and worked a number of odd jobs for the next eight years. Later, the family moved to Raipur, Madhya Pradesh (Now Chhattisgarh). He was later charged with 72 criminal offences, and more than 600 civil action suits were filed against him.
[3], Mehta raised a furore on 16 June 1993 when he made a public announcement that he had paid ₹1 crore to the then Congress President and Prime Minister, Mr P.V. Once these fake BRs were issued, they were passed on to other banks and the banks in turn gave money to Mehta, assuming that they were lending against government securities when this was not really the case. He is referred to for his role as Adarsh Sinha in Dehleez, the famous serial on Star Plus. "Two small and little known banks – the Bank of Karad (BOK) and the Metropolitan Co-operative Bank (MCB) – came in handy for this purpose. It also states that in the meantime, the seller holds the securities in trust of the buyer sale. He died following a brief heart ailment, at the age of 47, on 31 December 2001. Harshad Arora Biography, Early Life and Education, Career, Personal Life and Net Worth, Paras Arora Height, Weight, Wiki, Biography, Family, Profile And More, Nishant Singh (Malkani) Wiki, LifeStyle, Biography,Unknown Facts, Height, Weight, Career And More, Mohit Raina Age, Height, Weight, Biography, Girlfriend, Movies, Family, Photos And More, Angad Bedi Age, Height, Biography, Wiki, Weight, Wife, Birthday And More.
[6] He actively started to trade in 1986. It promises delivery of the securities to the buyer. Later on, he highlighted a role of Adarsh Sinha, an IAS officer in Dehleez inverse Tridha Choudhary. It was at this time that he began trading heavily in the shares of Associated Cement Company (ACC). [2] It was alleged that Mehta engaged in a massive stock manipulation scheme financed by worthless bank receipts, which his firm brokered in "ready forward" transactions between banks. Your email address will not be published. [15], Exploiting several loopholes in the banking system, Mehta and his associates siphoned off funds from inter-bank transactions and bought shares heavily at a premium across many segments, triggering a rise in the BSE SENSEX. Saved by Tv Talks.
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