What Rakesh Jhunjhunwala said about Harshad Mehta?

“There is no ‘Harshad Mehta’ in the markets. It is not manipulated. Such talks are completely bogus.” Jhunjhunwala compared the current mushrooming of startups in India with the derby (horse race).

Who is India’s Warren Buffett?

Jhunjhunwala is known as the ‘Warren Buffett of India’ owing to his success in the stock market. As of May 2021, Forbes put his net worth at $4.5 billion.

What is Harshad Mehta status now?

And currently, he is practicing in Mumbai High Court as well as Supreme Court. To clear his brother’s name, he fought several court cases and paid nearly ₹1,700 crores to banks. He was constituted as attorney of Harshad.

What is the story of Harshad Mehta?

Harshad Mehta (29 July 1954 — 31 December 2001) was an Indian stockbroker. Mehta’s involvement in the 1992 Indian securities scam made him infamous as a market manipulator. 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.

Is Harshad Mehta richer than Mukesh Ambani?

In 1992, Harshad Mehta paid the highest income tax of Rs 24 cr, just a few weeks before the scam was exposed. In fact, some said that if he was alive and not caught, Harshad Mehta would have been richer than Mr Mukesh Ambani.

What happened to Mehta after his death?

Mehta was on trial for 9 yrs until he passed away in late 2001 due to a cardiac arrest in Tihar jail. On 16th Jun 1993, when Mehta was out on bail, he publicly claimed that he had bribed the then Congress President and Prime Minister Mr P. V. Narasimha Rao of Rs 1 cr for getting Mehta out of the scandal case.

What is the Mehta brothers case?

Mehta and his brothers were arrested by the CBI on 9 November 1992 for allegedly misappropriating more than 28 lakh shares of about 90 companies, including ACC and Hindalco, through forged share transfer forms. The total value of the shares was placed at ₹250 crore (equivalent to ₹ 15 billion or US$220 million in 2019).