After 27 years, Harshad Mehta’s wife wins his legal battle

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The Hush Post|11:30 am|1-min-read

After twenty seven years, Jyoti Mehta, wife of stock broker Harshad Mehta won a legal battle against another broker who owed Rs 6 crore to her late husband . Justice Shalini Phansalkar Joshi, heading a special court was looking into the 1992 securities scam cases, upheld Jyoti Mehta’s claim of the amount along with 18% interest from 1992.

The court allowed Jyoti Mehta’s claim of Rs 4 crore with interest from the broker, Kishore Janani, and Federal Bank. It also allowed a separate claim of over Rs 2.60 crore with interest. This amount is to be recovered by the custodian from the Bombay Stock Exchange with whom the amount is lying as assets of the broker.

However, the broker had denied the claim. He said, there had been a delay in lodging the claim, as the case was filed in 2014. But, the court said law of limitation would not apply in this case.

Justice Phansalkar Joshi said, “It is a matter of record that all the accounts were seized during the relevant period. Only on receipt of the books of accounts in 2014 and after going through the relevant entries, they could file such application. Therefore, no fault could be found, if there is delay,”.

Meanwhile, the judge directed the custodian to recover the money and distribute it among the debtors of late Mehta. The court stayed its order for 30 days to allow the parties’ time to file an appeal in Supreme Court.

He was tried for 9 years in judicial courts until he died in 2001.

 

 

 

 

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