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toyota bpl Post Review
Refer Win Drive Winner. Here’s Jordan Parks a member at Dearneside Leisure Centre who’s Christmas came early as he won a brand new Toyota Aygo in association with @BurrowsToyota #BarnsleyisBrill #BPL #Fitness #Giveaway https://t.co/8TNNqv64Y7
@FreyaSenshi Sexy Manager Toyota Tundra 2021 BPL S2 Nightdrive Midseason Junkertown Incident https://t.co/CDgoGaLiY1
BPL : MANCHESTER CITY 1-3 LEICESTER CITY https://t.co/XConnwBFjO #Blogger #Outlook #Skype #Tumblr #Yahoo #fb #Facebook #Visa #Toyota
Liverpools target was champions league not the BPL :)
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toyota bpl Q&A Review
What was the modus operandi of the Harshad Mehta scam?
One of the greatest scams in Indian stock market occurred in 1992, valued at Rs 5000 crore, (USD $ 740 million), was by a man known as ‘The Big Bull’, ,Harshad Mehta,. The scam exposed the loopholes in the Indian banking system and the Bombay Stock Exchange transaction system. Abhishek Bachchan starter, Movie ,The Big Bull, The man who sold dreams to India,, is inspired by the Harshad Mehta securities scam of 1992. Harshad Mehta used the loopholes in the Banking system of the 1990s consisting of ,Ready Forward, ,and ,Fake Bank Receipts, to get money from banks which he ,pumped into, the stock market. Ready Forward Deal In the early 1990s, the banks were required to have a minimum of 38.5% of government fixed interest bonds, called the ,Statutory Liquidity Ratio(SLR),. And the banks also had to maintain profitability. Banks were, however, barred from participating in the stock market. Banks used ‘,Ready Forward Deal,’(RFD) to lend and borrow government securities. Deliveries of securities and payments were made through the ,broker such as Harshad Mehta. Harshad Mehta asked for time to give the securities and also asked banks to transfer the money into his personal account., He promised the banks higher rates of interest. In a normal RF deal, there would be only 2 banks involved. Securities would be taken from a bank in exchange for cash. What Harshad Mehta did here was that when a bank would request its securities or cash he would rope in a third bank. And eventually a fourth bank so on and so forth. Instead of having just two banks involved, there were now multiple banks all connected by a web of RF deals. Bank Receipts In the ‘Ready Forward’ deal, securities were not moved back and forth in actuality. Instead, the borrower, i.e. the seller of securities, gave the buyer of the securities a, Bank Receipt(BR) which confirmed the sale of securities,. A BR promised to deliver the securities to the buyer and also states that, in the meantime, the seller holds the securities in trust of the buyer. Harshad Mehta got ,fake BRs, i.e BRs not backed by any government securities using the ,Bank of Karad (BOK) and the Metropolitan Co-operative Bank (MCB),, two small and not very well known banks. 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 even though this was not really the case. How Harshad Mehta drove the Stock Market Harshad Mehta became the ,pied piper, of the stock market, he created artificial scarcity in stocks by mopping up their marketable liquidity, thus increasing the prices to unjustified levels. He lured the gullible investors into believing his self propagated theories of ,Asset Replacement Value & Water & Gold,. He invested in different companies such as, Associated Cement Company (ACC), Apollo Tyres, Reliance, Hero Honda, Tata Iron and Steel Co (TISCO), BPL, Sterlite, and Videocon,. This resulted in a stupendous rise in Sensex. ,In the period between April 1991 and April 1992, the Sensex returned 274 per cent, moving from 1,194 points to 4,467. That is the highest annual return for the index. ,Stocks like ACC, Sterlite Industries and Videocon surged. ACC surged from about Rs 200 per share to about Rs 9000. The image below shows the movement of Sensex due to Harshad Mehta from our article ,Harshad Mehta Scam of 1992 How was Harshad Mehta caught? On 23 April 1992, journalist Sucheta Dalal exposed Mehta’s illegal methods in a column in The Times of India about how Mehta was illegally dipping into the banking system to finance his buying. She got interested after she saw him drive up at the State Bank of India offices in a brand new Toyota Lexus, which had just been released internationally and costed more than Rs 40 lakh at the time. It has been alleged that the Bear Cartel ganged up on Mehta and blew the whistle on him to get rid of him and the bullish run altogether What happened after the scam was exposed? Harshad Mehta was arrested by the Central Bureau of Investigation (CBI) in November 1992 The scam’s exposure led to the ,suicide of the Chairman of Vijaya Bank,, who issued cheques to Mehta. Harshad Mehta was convicted by the Bombay High Court and the Supreme Court of India for his part in this financial scandal valued at Rs 5000 crore, (USD $ 740 million). On ,31 December 2001, at the age of 47, Harsha Mehta passed away in Tihar jail after a heart attack.
Is Harshad Mehta still alive?
NO, HE IS NOT ALIVE…. HARSHAD MEHTA DETAILED STORY: Born into a Gujarati Jain family, Harshad Mehta was a stockbroker who carried out the 1992 stock market scam, apparently, the biggest ever stock market scam in India Harshad spent his early childhood years in Mumbai’s Kandivali, where his father, Shantilal, used to run a small textile business. Later, the Mehta family moved to Chhattisgarh’s Raipur, where Harshad did his schooling and then came back to Bombay (now Mumbai) for his graduation in 1973. After completing his graduation in 1976, Harshad did odd jobs for the next eight years. He became a cement contractor, sold hosiery, sorted diamonds, worked as an insurance clerk, and did many other sales-related jobs. In the meantime, while Harshad was working as an insurance agent in the Bombay office of New India Assurance Company Limited (NIACL), he became interested in the stock market. In 1981, he quit his job at NIACL and started working as a jobber (a person who brings clients to the stock market brokers) for a stockbroker, Prasann Pranjivandas, whom he considered as his guru in the share market business. Eventually, in 1984, Harshad Mehta became a member of the Bombay Stock Exchange (BSE) and established his own stock brokerage firm under the name “GrowMore Research and Asset Management.” Harshad’s style of doing business was simple. He would secretively siphon off an enormous sum of money from government security markets for a brief period and then invest this money in a few selected securities. The amount that he used to invest in buying the shares was so high that the price of that share would rise exponentially and then fall back when he would sell those shares. When the price of a particular security would rise, people would get excited and invest in that security, causing the share to rise more. Thereafter, Harshad Mehta would slowly liquidate his shares, pay off the siphoned off money to the banks and pocket the enormous difference caused by rising security prices. Harshad took advantage of the loopholes in the banking system and continued this practice on an incredible scale. In one year, he had elevated the Sensex, i.e., the index of the Bombay Stock Exchange from 1000 to 4500. The Bombay Stock Exchange Sensex graph between 1991 to 1992. He invested in different companies including Apollo tyres, Reliance, Tata Iron and Steel, BPL, Videocon, ACC. He manipulated the shares of ACC Cement and took its share price from Rs 200 to Rs 9000 (4500 percent rise) in merely three months. Harshad’s business witnessed a meteoric rise. By the end of 1991, he had already risen to such prominence that the media started referring to him as the “Big Bull” & the “Amitabh Bachchan of Stock Market.” His lifestyle included a sea-facing 15,000 square feet penthouse in Mumbai’s Worli with a mini-golf course and swimming pool inside the property. Along with that, he owned a fleet of fancy cars and used to travel in a Toyota Lexus car worth Rs. 40 lakh. All in all, he used to live a luxurious life that people could only dream of. Things were going smoothly for Harshad until a journalist, ,Sucheta Dalal,, was intrigued by his lavish lifestyle. She further investigated the sources by which Harshad Mehta has accumulated fortunes worth Rs 1000 crores in such a brief time span. Eventually, on 23 April 1992, the untold truth behind Harshad’s practice of manipulating shares was brought to the public eye for the first time by Sucheta Dalal, who published an article in The Times of India explaining exactly how Harshad had carried out Rs 500 crores of financial fraud from the treasury of the State Bank of India. ,[5], The next year in 1993, Sucheta Dalal also published a book, “The Scam: Who Won, Who Lost, Who Got Away” along with Debashis Basu. The book is based on the scam. Sucheta Dalal, the journalist who exposed the 1992 Harshad Mehta Scam Cover of Sucheta Dalal and Debashis Basu’s book, “The Scam: Who Won, Who Lost, Who Got Away” When Harshad’s scandal was exposed, the banks, from where he had borrowed money, started demanding their money, and shareholders started selling their shares. This caused a major stock market crash, which washed away worth trillions of investors’ wealth in less than two months. The CBI arrested Harshad Mehta in November 1992 along with his brothers, Sudhir and Ashwin, who were also involved in carrying out the scam. The CBI charged Harshad Mehta of 72 criminal offences and above 600 criminal action cases were lodged against him by various banks and institutions. Harshad Mehta being taken away after having been arrested by the Mumbai Police. Harshad, who had hired the famous veteran lawyer ,Ram Jethmalani, to see his case, was granted bail from the High Court of Bombay after spending three months in jail. Harshad Mehta with Ram Jethmalani during a press conference After getting released from jail, Harshad held a press conference wherein he claimed to have paid INR 1 crore as a bribe to the then PM Narasimha Rao to get him off the case. However, the Indian National Congress Party rubbished the allegations made by Harshad Mehta. Also, no evidence was found against Narasimha Rao showing that he had taken the bribe. ,[6] In 1992, the RBI formed the Janakiraman Committee to investigate into the matter. After thorough investigation, the committee reported the scam of INR 4025 crore rupees. The reported sum, if put into perspective in 2020, it would amount to INR 24000 crore. ,[7] In September 1999, the High court of Bombay convicted Harshad Mehta, along with three others, in Rs 380.97 million Maruti Udyog Ltd fraud case and sentenced him to 5 years of imprisonment. Harshad Mehta was serving his term in the Thane Prison when he complained of chest pain and was taken to Thane Civil Hospital. On 31 December 2001, Harshad Mehta died of a heart ailment in the hospital. Since the scam came to light, several movies and web-series, inspired by Harshad Mehta’s life, have been released. In 2020, a Hindi web series, “Scam 1992 – The Harshad Mehta Story,” based on Harshad’s life, was released on Sony LIV. https://youtu.be/ISORfez27og Another movie, “The Big Bull” starring ,Abhishek Bachchan,, based on Harshad Mehta’s life and the 1992 Indian stock market scam, is going to be released shortly. Do upvote if u liked🙏❤
Which are the companies coming to MIT Manipal for campus in 2016-17?
These are the 2016 B.Tech recruiter :- Aavishk Buildtek, ABB, Accenture, Aerx Labs, Altair Engg, Amadeus Labs, Amazon, AMS PC, Anglo Eastern Shipping, Atos, Avery Dennison, Bajaj Electricals, BIS Research, Black Rock, BPL Medical, Burger Singh, Bwelthy, Cardia Design Labs, Century Link, Cerner Healthcare, Cisco, Citrix R&D, Coramandel International, Daimler, Dell, Deloitte, Delta Printing, Doodle Blue, Ericsson R&D, EXL Analytics, Expicient Software, FIAT, Fractal Analytics, Futures First, GE, General Motors, Glaxo Smithkline, Goldman Sachs, Gyan Labs, Healthy Buddha, Hero Moto Corp, Honeywell, Hewlett Packard, Hyundai Constructions, IBM, India Reads, Ingersoll Rand, InMobi, Intellect Design, Jacobs Engg, Jobspire, Juniper Networks, KEF Infra, KPMG, L&T (Construction, Tech Services), LimeTray, M&M, Mahindra Comviva, Manipal Technologies, Maruti Suzuki, Mean Metal Motors, Media IQ, Mercedes Benz RDI, Mettl, Microsoft, Mindtree, Monotech Systems, Mu Sigma, NIIT Tech, Oracle, Philips, PriceWaterhouse Coopers, Quest Global, Reliance, Samsung, Sandisk, SAP, Sapient Nitro, Schneider Electric, Seagate Tech, Siemens Tech, Societe Generale, Tata (Consultancy, Motors, Power Delhi, Technologies), TEK Systems, Tesco, Think N Learn, Toyota Kirloskar, United Health Group, Vedanta Resources, VmWare, Wipro, Yamaha R&D, ZigSaw, Zopky etc.
How did Harshad Mehta pull off the biggest scam of the 90s?
Georg Hegel, a German philosopher once said: “We learn from history what we do not learn from history.” This quote is very apt, especially in the light of the Rs 13,000-crore Nirav Modi-Punjab National Bank scam, among others. Why? Because back when India had just opened up its markets to the world in 1991, a stockbroker named Harshad Mehta had pulled off an even more audacious scam by exploiting the loopholes in the Indian banking system. Adjusted for inflation today, Harshad Mehta fraudulently laundered over Rs 24,000 crore in the stock market over a three-year period. What happened to those accused in the scam, including Harshad Mehta himself? Was the money ever recovered? Will the fraud cases that are still being contested in court today ever come to a meaningful conclusion? Who Was Harshad Mehta? Harshad Mehta was a well-known stockbroker, alleged to have manipulated the stock market in 1992 by drawing funds from banks fraudulently with worthless bank receipts and subsequently using this liquidity to buy huge amounts of shares at a premium across many industry verticals. Born as Harshad Shantilal Mehta in 1954 to a lower middle-class Gujarati family, Mehta spent his early childhood in Kandivali, Mumbai, whilst his father ran a small business. However, the family had to shift to Raipur in Chhattisgarh for medical reasons. Mehta completed his schooling in Raipur but never showed much promise. He moved back to Mumbai alone after completing school, completed his BCom from Lajpat Rai College and took up odd jobs – from selling hosiery to sorting diamonds – for the next eight years. His journey to becoming the ‘Big Bull’ Mehta began when he landed a job as a sales person at The New India Assurance Company. It is here that he got interested in the stock market, following which he quit and joined a brokerage firm in 1981. By the year 1990, Mehta had risen from rags to riches and had become a prominent name in the Indian stock market. What Was the Securities Scam? The securities scam of 1991-92 refers to a diversion of bank funds worth Rs 3,500 crore to a group of stockbrokers, led by Harshad Mehta. These funds were then put into the stock market selectively, causing it to surge to over 4,500 points. It was first exposed by veteran journalist Sucheta Dalal in April 1992. Mehta’s favourite stocks included Associated Cement Company (ACC), Apollo Tyres, Reliance, Hero Honda, Tata Iron and Steel Co (TISCO), BPL, Sterlite, and Videocon, to name a few. The ACC, India’s foremost cement firm, was Mehta’s favourite. He pumped money into its shares so aggressively that its stocks rose from Rs 200 a share to Rs 9,000 a share in three years... a 4,400 percent rise! He had the touch of Midas: everything he touched became gold and thousands of gullible investors followed his lead. He was called ‘the Amitabh Bachchan of the stock market’ and ‘the Big Bull.’ His 12,000 sq ft sea-facing Worli penthouse, complete with a mini golf course and swimming pool and his fleet of two dozen luxury cars, marked his steep and sudden rise to riches and celebrity-status. Not a subtle or modest man, he even paid the Income Tax Department an advance tax of Rs 26 crore just weeks before the scandal broke. Mehta’s illicit methods were exposed on 23 April 1992, when Sucheta Dalal wrote an article in The Times of India detailing the loopholes in the banking system that had been exploited by the stockbroker. She got the tip-off after she saw him pull up at the State Bank of India offices in a brand new Toyota Lexus, which had just been released internationally and costed more than Rs 40 lakh at the time. Following this, the State Bank of India realised it was holding onto worthless bank receipts and was owed Rs 500 crore by Harshad Mehta. By the end of April 1992, he was accused of having diverted money from the public sector Maruti Udyog Limited (MUL) to his own accounts. From then until June 1992, revelations of misappropriations from banks and public sector units by Harshad kept coming to light. Parliament went into a frenzy; a joint parliamentary committee was formed to investigate the matter, investors lost a lot of money and the stock market crashed as quickly as it had risen, with banks demanding their money back. (Photo Courtesy: ,Slideshare,) What Happened to Harshad Mehta? Harshad Mehta was arrested by the Central Bureau of Investigation (CBI) in November 1992, along with his brothers Ashwin and Sudhir, who masterminded and executed this scam together. The CBI charged Mehta specifically with 72 criminal cases (bribery, cheating, forgery, criminal conspiracy and falsification of accounts) and over 600 civil action suits by banks and institutions pertaining to monies he owed them. Other brokers such as his brothers and AD Narottam, Bhupen Dalal, Hiten Dalal and Naresh Aggarwal, among others, were also charged for taking part in the scam, but for much smaller sums. Alongside, the Reserve Bank of India appointed a joint parliamentary committee (JPC), also known as the Janakiraman Committee, to provide a comprehensive picture of the extent and mechanics of the fraud. The government, through an ordinance, set up a Special Court for the trial of offences in the case and also created an Office of the Custodian, occupied by a bureaucrat and appointed by the court, to manage the assets of the scam-accused during the trial and for the disbursement of dues to banks and the Income Tax Department. Mehta and his brothers were released on bail after three months in custody, weeks after which he publicly claimed, along with his lawyer Ram Jethmalani, that he had paid Rs 1 crore to then Prime Minister PV Narasimha Rao as donation to the Congress to get him “off the hook.” He even displayed the suitcase in which he allegedly carried the cash. Rao denied it, and later, a CBI probe also found no concrete evidence of this bribery claim. Harshad Mehta and his legal team with the briefcase in which they allegedly paid then PM Narasimha Rao money as “insurance.” (Photo Courtesy: ,Twitter/Sanjeev Goyal,) Once out on bail, several stock market investors gave Mehta a hero’s welcome. He made several comebacks after that as a “new age” stock market guru, and by 1997, he had his own website and newspaper column where he would advise people about what stock to buy and sell. Rigging was alleged here as well in return for favour and money from the top brass of Sterlite, Videocon and some other firms. Despite the promptness shown by the CBI and the JPC in uncovering this fraud, it took a while to put together criminal evidence against Mehta. It was only in October 1997 that the Special Court set up to hear the bevy of cases related to the securities scam approved 34 of the 72 charges brought forward by the CBI against him. In September 1999, the Bombay High Court awarded five years rigorous imprisonment to Mehta and three others in the Rs 380.97 million Maruti Udyog Ltd fraud case (MUL), one of the many individual cases within the larger securities scam. He secured bail in all cases, including the MUL conviction, but was arrested again in 2001 for misappropriating Rs 2.5 billion from 2.7 million “missing shares” of 90 blue chip companies. He was denied bail this time, and on 31 December 2001, at the age of 47, he passed away in Tihar jail after a heart attack. By the time he died, he had been convicted in only one (the MUL fraud) case, his appeal against which was dismissed by the Supreme Court in 2003. The rest of the criminal cases were abated due to his passing away, but the civil suits for the recovery of crores of money remained. What Was the Extent of the Scam and What Is its Status Today? Following the scam, the Reserve Bank of India had appointed the Janakiraman Committee to probe it. In its first report, the committee quantified the scam amount at Rs 4,300 crore involving units of the Unit Trust of India (UTI). Adjusted for inflation, this amount stands at over Rs 24,000 crore today. According to a report released by the Office of the Custodian on 8 January 2016, the Harshad Mehta family owns assets worth Rs 1,723.84 crore and has total liabilities of Rs 16,044 crore. Of these liabilities, Mehta’s family has to pay Rs 4,662 crore to various banks (mainly interest charged over the years) and Rs 11,174 crore to the I-T Department. The assets worth Rs 1,723 crore belong to 27 associates and family members of Mehta, who were finally clubbed as an entity and held liable along with Mehta by the special court. It was challenged by Mehta’s family but the Supreme Court upheld the decision of the custodian in May 2017. The Mehta family – led by Ashwin Mehta, who has been representing the family in court for decades now – is fighting this recovery amount at various levels, right from reducing their net liabilities to safeguarding family assets from recovery and liquidation. In the Supreme Court, Ashwin Mehta had argued that the claims made by the I-T Department in its assessment reports were way too high and that the custodian had undervalued the Mehtas’ assets purely taking into account the revenues of Harshad Mehta (and his affiliate companies) and not his many incomes, such as TDS refunds. He also claimed that the custodian was yet to recover the family’s shares in companies like the ACC and Apollo Tyres worth Rs 300 crore and Rs 233 crore, respectively. He insisted that the family had more assets than liabilities and not the other way around. As of May 2017, the custodian had disbursed Rs 6,310 crore to banks and the I-T Department by selling off assets of the Mehta, his family members, and associates. It had also identified additional assets worth more than Rs 2,000 crore to be auctioned, bringing the recovered amount (once these assets are successfully auctioned) to approximately Rs 8,000 crore. What is to be kept in mind is that the total amount may never be recovered as Harshad Mehta also held shares worth over Rs 453 crore across 131 companies in benami accounts (value as on June 1995, as mentioned in a court submission). When the scam was exposed, the benami account holders sold their shares, leaving the custodian very little to connect those accounts with Harshad Mehta. Will the Mehta family and associates be able to pay off their liabilities, only half of which has been recovered 25 years after the scam was exposed? Ashwin Mehta thinks so. In a detailed report in, The Economic Times, dated July 2016, he was quoted as saying to lawyers of the opposite camp: “Please do not worry… I’ll return all your money. Even after paying you all, I’ll have a little over Rs 1,000 crore to take home.” Whatever Happened to the All the Cases? All criminal cases against Harshad Mehta got disposed off a few years ago, but there are several civil cases awaiting final closure. Today, these cases are delayed to the point of irrelevance due to various reasons, among which are India’s notoriously slow judiciary, money forever lost through benami and unregistered shares, and frequent litigation by the Mehta family. Up until May 2017, when the Supreme Court clubbed all of Harshad’s family together as the Harshad Mehta group, almost every individual member was approaching the courts for reprieves on various matters in an attempt to disassociate themselves from Mehta. Now that they have been grouped together, much to their chagrin, they are challenging the net liabilities and assets being stated by the custodian. The back and forth continues. The kingpin is dead and so are several more of the accused over the decades. The money is yet to be completely recovered. About 70 percent of all cases in the special court are still suits related to the Securities Scam, even 26 years later. Documents and evidences have become outdated. Witnesses and the country have moved on to the Nirav Modis of today, proving yet again that justice delayed is justice denied.
What is infamous Harshad Mehta scam?
Bernard Baruch , an American stock investor and political consultant once said : "The main purpose of the stock market is to make fools of as many men as possible." This quote is very apt, especially in the light of the Rs. 4,000 - crore Harshad Mehta -The Security Scam. Adjusted for inflation today, Harshad Mehta fraudulently laundered over Rs. 24000 crore in the stock market over a three-year period. So, how did Harshad Mehta pull off a multi crore scam in the Indian stock market? What happened to those accused in the scam ,including the original Big Bull of Dalal Street , that is, Harshad Mehta himself? Was the money ever recovered? Were the fraud cases, being contested in the court, ever came to a meaningful conclusion? So, today let's talk about the man whose story is nothing short of a bollywood movie. Who was Harshad Mehta,? Harshad Shantilal mehta was born on 29 july 1954 ,at Paneli Moti ,Rajkot district, in a Gujarati Jain family. Born in middle class, Mehta studied in Holy Cross Byron Bazaar Higher Secondary school in Raipur but he did not show any special promise in school. He migrated to Mumbai with just Rs 40 in his pocket for further studies and in 1976 he somehow managed to complete his graduation in commerce from Lala Lajpat Rai College,Mumbai. After graduation, he worked a number of odd jobs for the next eight years. His Early Career Mehta struggled a while taking low level jobs related to sales , including selling hosiery, cement , and sorting diamonds. At that time he had no idea about what he was going to do in his life but he kept exploring and his luck turned around when he joined New India Assurance Company Limited(NIACL) as a salesperson. During this time, he got interest in the share market and after a few years, resigned and joined the stock broker ,B.Ambalal,. Later in 1981 he worked as sub-broker to stock broker J.L.Shah and Nandalal Sheth. He realised that this is the game he was born to play. Over a period of ten years, beginning 1980, he served in positions of increasing responsibility at a series of brokerage firms. Transition from an Ordinary Broker to "Big Bull" In 1984 , Mehta was able to become a member of the Bombay Stock Exchange as a broker and established his own firm called ,Grow More Research and Asset Management,, with the financial assistance of associates , when the BSE auctioned a brokers card. In 1986, he started trading actively. By early 1990, he became a famous stock broker and a number of eminent people began to invest in his firm, and utilize his services including the then minister P.Chidambaram through Chidambaram's own shell companies. By 1990,the media(including popular magazines such as Business Today)portrayed a heightened deified image of Mehta, calling him " ,The Amitabh Bachchan of Stock market,." But he was not satisfied with his success,he had bigger ambitions, so in this lust for money he started exploring various loopholes in the Indian banking system. At that time, the Reserve Bank of India has mandated all the banks to retain a certain ratio of their assets in government fixed interest bonds by the end of each week failing which the RBI would penalise them. Mehta cleverly squeezed capital out of the banking system to address this requirement of banks and pumped this money into the share market and had been buying stock heavily. Mehta's favourite stocks included ,Associated Cement Company(ACC), Apollo Tyres, Reliance, Hero Honda, Tata Iron and Steel Co.(TISCO), BPL, Sterlite and Videocon,, to name a few. The ,ACC,, India's foremost cement firm, was Mehta's favourite. He pumped money into its shares so aggressively that its stock rose from ,Rs. 200 a share to Rs. 9000 ,a share in three years - a ,4400 %, rise! For those who asked, Mehta had ,the replacement cost theory, as an explanation. The replacement cost theory basically states that older companies should be valued on the basis of the amount of money that would be needed to create another similar company. By the latter half of 1991, Mehta had come to be called the ,‘Big Bull’, as people credited him with having initiated the Bull Run. The Scam that Shook India!! SO WHAT EXACTLY THE HARSHAD MEHTA DID? HOW WAS MEHTA MAKING THE MONEY? AND WHICH INSTRUMENTS WERE USED IN THE SCAM? Harshad Mehta used the technique of the ,Ready Forward Deal, in scam. Ready forward deal is a secured short term loan which is given from one bank to another bank for Ready forward deal is a secured short term loan which is given from one bank to another bank for ,15 days,. Basically government need funds for infrastructure projects and other expenses so government compelled the banks to maintain a particular amount of their deposits in government bonds. This ratio was called as the ,SLR(Statutory Liquidity Ratio),. Whenever government needed funds, it used to sell its securities in the market and banks needed to buy it which blocked the liquidity of banks. So when this liquidity is blocked, then banks have another choice that banks can sell their government securities in form of ready forward deal to another bank and in turn get money. Lets try to understand it better with the help of an ,example,. Suppose there are two banks -,Bank A, and ,Bank B,. Now Bank A(the borrower bank) due to its liquidity blockage is in need of money and Bank B(the lending bank)have sufficient funds with them and is ready to advance money to Bank A. So,Bank B will lend money(short term loan) to Bank A against the government bonds of Bank A acting as a collateral security. But this transaction of borrowing and lending between the two banks takes place with the help of a mediator, that is, the broker. The broker usually brings together two banks for deal and against this he gets commission. The securities and payments were delivered through the broker and in such settlement banks may not know with whom they are dealing. Harshad mehta took advantage of this only. The bank(Bank A) who needed money used to approach Mehta and gave him their government securities and in turn Mehta would ask them for some time to make the necessary arrangements. Since Mehta was so influential the banks did not mind waiting for a few extra days. Meanwhile, he would find the buyer bank(Bank B) who would advance money against the securities of the seller bank(Bank A). As per the norms of banking the buyer bank(Bank B) should transfer money directly in the name of the seller bank (Bank A). But Mehta asked the buying bank(Bank B) to transfer the funds in his own name and since he has built so much trust in business, the banks started issuing cheques in his own name which was illegal. During that time he had all this massive cash in his personal account and he was investing that money into the stock market. He just pick some shares of the company and kept buying those shares aggressively and because of this massive liqiuidity injection the share price of these stocks would go up. He had the touch of Midas : everything he touched became gold and thousands of gullible investors followed his lead which raised the stock prices even higher. All this time, the seller bank (Bank A) was still thinking that Mehta is trying to arrange for a buyer bank. They did not even know that their(Bank A) securities were already transferred to another bank(Bank B) and the money was lent in the name of Harshad Mehta. Now the question arises that if the money was being pumped into the share market then how was Mehta making payment to the seller bank(Bank A)? Here is where his cleverness came in. When the seller bank(Bank A) continously poked Mehta for the money, then he used to sell his shares in the market at a much higher price and made the payment to the concerned bank. As long as the market was in Bull phase, Mehta didn't face any problem in making payment to the banks. All of this was going very well and till this time the scam was not that big. The scam went big when his greed for money increased and the ,fake Bank Receipts(BRs), came into picture. The seller bank, that is, the borrower(Bank A) used to issue a bank receipt to the buyer bank, that is, the lender(Bank B) as a confirmation of sale of securities. Bank receipt acts as a receipt for the received money by the selling bank, that is, the borrower(Bank A). Mehta needed banks which could issue fake bank receipts and so he conspired with the officials of two banks namely Bank of Karad(BOK) and Mumbai Mercantile Co-operative bank to issue bank receipts that were not backed up by any government bonds. These fake bank receipts were nothing more than just a piece of paper. Once these fake bank receipts(BRs) were issued, they were passed on to other banks and banks in turn gave money to Mehta plainly assuming that they were lending against government security when this was not really the case. The money he got was used to drive the prices of the stock in the stock market and when the time came to return the money , shares would be sold for a profit and the fake BRs were retired. The game went on as long as the stock prices kept going up and no one had a clue about Mehtas' modus operandi. He swindled around 4000 crore rupees in this manner from the banks and manipulated around 90 stocks. This extensive liquidity gave an adrenaline shot to the stock market in general and the market began to make major hopes. In fact , Bombay Stock Exchange quadrupled its index(Sensex) in a span of just one year and because of that Mehtas' own portfolio of stock holdings gained in the value close to 10 times to an estimated to 100 crore rupees. All this money made Mehta a hero in stock market and he became the ,highest taxpayer in Mumbai, at that time. EXPOSURE & ARREST Harshad Mehta lived a very luxurious lifestyle and was never shy to show off his wealth. He bought a 12,000 square feet sea - facing Worli penthouse, complete with a mini golf course and swimming pool and used to drive Toyota Lexus car which has just been released internationally and costed more than Rs. 40 lakhs at that time. His fleet of two dozen luxury cars marked his steep and sudden rise to riches and celebrity - status. He even paid the Income Tax Department ,an advance tax of Rs 26 crore, just weeks before the scandal broke. Sadly, all this show off and blind greed got him into trouble. On 23 April 1992, an investigative journalist Sucheta Dalal got hint of Mehta's illicit methods and she wrote an article in The Times of India detailing the loopholes in the banking system that had been exploited by the stock - broker which was the beginning of Mehta's end. Following this , the State Bank of India realised it was holding onto worthless bank receipts and was owed Rs. 500 crore by Harshad. By the end of April 1992, he was accused of having diverted money from the public sector Maruti Udyog Limited (MUL) to his own accounts and the lending banks began to ask for money from Mehta. Paying money back was never a problem for Harshad Mehta because he would just sell his shares in the stock market and thus fulfilling his obligations. But this time it was different because as soon as the scandal broke out, the stock market crashed drastically and the value of Mehta's share dropped steeply and he had no way to repay the banks. It did'nt take much time for CBI to step up and on 9th November,1992 Mehta and his brothers , who masterminded and executed this scam together was arrested. But Mehta and his brothers were released on bail after three months in custody. REGULATORY ACTIONS TAKEN AGAINST MEHTA The CBI charged Mehta specifically with 72 criminal cases (bribery,cheating,forgery,criminal conspirany and falsification of accounts) and over 600 civil action suits by banks and institutions pertaining to monies he owed them. Of the 27 criminal charges brought against him, he was only convicted of four , before his death at age 47 in 2001. The market watchdog - Securities Exchange Board of India(SEBI) banned him for life from stock market related activities with investors holding him responsible for causing a loss to various entities. Alongside, the Reserve Bank of India appointed a joint parliamentary committee(JPC) , also known as the Janakiraman Committee, to provide a comprehensive picture of the mechanics of the fraud. COMEBACK OF MEHTA Once out on bail, several stock market investors gave Mehta a hero's welcome. Mehta made a brief comeback as a stock market guru, giving tips on his own website as well as in a weekly newspaper column. Weeks after comeback, Mehta along with his lawyer Ram Jethmalani in a press conference claimed that he paid Rs. 1 crore to then Prime Minister PV Narasimha Rao as donation to the Congress Party, for getting him off the scandal case. He even displayed the suitcase in which he allegedly carried the cash. Rao denied it, and later, a CBI probe also found no concrete evidence of this bribery claim. Despite the promptness shown by CBI and the JPC in uncovering this fraud , it took a while to put together criminal evidence against Mehta. Finally in September 1999, Bombay High Court convicted and sentenced him to five years rigorous imprisonment and a fine of Rs. 25000. On 14 January 2003, Supreme Court of India confirmed High Court's judgement. DEATH OF MEHTA Mehta was under Criminal custody in the Thane prison. Mehta complained of chest pain late at night and was admitted to the Thane civil Hospital. He died following a brief heart ailment, at the age of 47, on 31 December 2001. IMPACT OF SCAM ON THE MARKET Due to Harshad Mehta Scam, Sensex fell from 4500 to 2500 loosing Rs. 100,000 crore in market capitalisation. Mehta also took down a lot of senior officials with him. The chairman of Vijaya Bank, who had issued the cheques in name of Harshad Mehta, realised that the BR receipts given by Mehta were fake and hence committed suicide immediately after scam was exposed due to depression. The top treasury officials of State Bank of India and the chairman of UCO Bank all lost their jobs. But the most tragic of all was the thousands of investor lost their hard earned money and went bankrupt and once a hero of the stock market turned out to be the greatest villian for those investors. The liberalization policies were put on hold by the government and Bank Receipt was removed by RBI. Post Mehta scam in 1992, the Government of India passed " ,SEBI Act 1992," and conferred statutory power to it. THE FINAL VERDICT The raging bull of the stock market, Harshad Mehta who perpetrated the biggest stock market scam worth Rs.4000 crore is in the news again reviving memories of 1992 security scam that shook the country and changed the rules of the game on Dalal Street. In good news for his family, the ITAT reversed an order of the Income Tax Department and scrapped additions to income worth little over Rs. 2000 crore and have made relevant observations. The ITAT while scrapping the additions made by the IT department for the asessment year 1992-93 made an observation that every receipt of money cannot be termed as the taxable income by default. And it is the job of the department to compute the correct taxable income embedded in every transaction. The tribunnal reiterated that this principle of taxation must be followed notwithstanding the magnitude of the scam and inspite of probes and observation made by the JPC, the RBI, the CBI and the seizure of volumes of documents by the IT department. CONCLUSION The name of Harshad Mehta will live on in memory not only because of the havoc he unleashed on investor's wealth but because he revealed gaping holes in India's financial system. Between 1998 and 1992 SEBI began maturing and in year 1992 it was forced to speed up the process and embark on a steep learning curve -- thanks to Harshad Mehta and his associates. People often say that "What doesn’t kill you, makes you stronger" -- words that have been true for market regulator SEBI who learned from these lapses and emerged keener and stronger. This scam also teaches us that when the valuations of the company start to get on the crazy side the smart investors should start getting cautious instead of getting greedy. So, if you become a critical thinker who takes no Dalal Street "fact" on faith, and you invest with patient confidence, you can take steady advantage of even the worst bear markets. In the end, how your investments behave is much less important than how you behave. FOR INDEED, THE INVESTOR'S CHIEF PROBLEM -- AND EVEN HIS WORST ENEMY -- IS LIKELY TO BE HIMSELF! ("The fault, dear investors, is not in our stars -- and not in our stocks --but in ourselves….") Ps: It's a bit long answer but do give it a read to know some interesting facts about the Big Bull. Thank you!
Which banks were involved directly in the Harshad Mehta scam?
The securities scam of 1991-92 refers to a diversion of bank funds worth Rs 3,500 crore to a group of stockbrokers, led by Harshad Mehta. These funds were then put into the stock market selectively, causing it to surge to over 4,500 points. It was first exposed by veteran journalist Sucheta Dalal in April 1992. 1992 :: Stock Broker Harshad Mehta Under Arrest after Journalist Sucheta Dalal ( ,@suchetadalal, ) Exposed Securities Scam ,pic.twitter.com/W3TCXJH2Yw — indianhistorypics (@IndiaHistorypic) ,September 12, 2017 Mehta’s favourite stocks included Associated Cement Company (ACC), Apollo Tyres, Reliance, Hero Honda, Tata Iron and Steel Co (TISCO), BPL, Sterlite, and Videocon, to name a few. The ACC, India’s foremost cement firm, was Mehta’s favourite. He pumped money into its shares so aggressively that its stocks rose from Rs 200 a share to Rs 9,000 a share in three years... a 4,400 percent rise! He had the touch of Midas: everything he touched became gold and thousands of gullible investors followed his lead. He was called ‘the Amitabh Bachchan of the stock market’ and ‘the Big Bull.’ His 12,000 sq ft sea-facing Worli penthouse, complete with a mini golf course and swimming pool and his fleet of two dozen luxury cars, marked his steep and sudden rise to riches and celebrity-status. Not a subtle or modest man, he even paid the Income Tax Department an advance tax of Rs 26 crore just weeks before the scandal broke. Mehta’s illicit methods were exposed on 23 April 1992, when Sucheta Dalal wrote an article in ,The Times of India ,detailing the loopholes in the banking system that had been exploited by the stockbroker. She got the tip-off after she saw him pull up at the State Bank of India offices in a brand new Toyota Lexus, which had just been released internationally and costed more than Rs 40 lakh at the time. Following this, the State Bank of India realised it was holding onto worthless bank receipts and was owed Rs 500 crore by Harshad Mehta. By the end of April 1992, he was accused of having diverted money from the public sector Maruti Udyog Limited (MUL) to his own accounts. From then until June 1992, revelations of misappropriations from banks and public sector units by Harshad kept coming to light. Parliament went into a frenzy; a joint parliamentary committee was formed to investigate the matter, investors lost a lot of money and the stock market crashed as quickly as it had risen, with banks demanding their money back.
What are some problems in India where the solution has become another, bigger problem?
All distinctions, provisions, etc. which were originally made to shield or protect specific ("weak" or "oppressed") sections of the society are now blatantly being used as weapons by the same people, not to protect themselves, but to get undue advantage, blackmail or extort. Also, any provision made for the "needy" rampantly being misused as an alternate source of extra income. Most learned Indians know this. So, I think we have seen many examples. I can quote several of them. Here are 3 illustrative examples of both cases: Discrimination: Caste Based Reservations:, 3 guys attended the same class, had the same 24 hours in the day & were from similar financial backgrounds (i.e. access to similar "resources"). Now, one guy scored 136 out of 486 in JEE while the other scores 162. 4 years later, the former graduated as a Mechanical Engineer from IIT, Hyderabad, whereas the latter became a Mechanical Engineer from a local private college. Another guy, who scored 131 got into IIT-M (Aerospace Engineering with Applied Mechanics). Needless to mention, I was the 162 guy. Meanwhile, a (Brahmin) cobbler stitches shoes to fund his son's education. The young lad studies under street lights, but misses out on the local government college by 2 marks. I still fail to understand how those 2 guys were "backward" when compared to me or how the cobbler's son deserved the reserved seat any lesser than them. Haj Subsidy:, I have associates in almost all communities & personally know certain people from filthy rich Muslim families who have availed this without as much as a shadow of a remorse. One of them was in Dubai on a fortnight long holiday just the year before. Even the holy Qur'an says that Haj is mandatory only for those Muslims who can afford it. I do not understand why there should be subsidies, special planes, etc. in the first place. Even if there are, I don't see a reason why people with a Capital of say, more than Rs. 10,00,000/- be allowed to avail it. Article 498 (A):, A picture is worth a thousand words. I've got 2 for you: Here's another: The second image has "conventionally estimated" figures from 2 years ago. Back then, it was already a bigger industry than TCS. By today, it must have easily surpassed the Tata Group & the Ambani Brothers combined. GENERAL PROVISION: MNREGA:, I got to know about this loot straight from the "labourers" working under the scheme. They show up at the site for 5 minutes a day, sign the attendance sheet (muster roll), collect their "daily wage", hand the "engineer" his cut & leave. The greater problem is that the industrialists & contractors (like I) have a hard time getting labourers for real work. There is no "employment guarantee" in this scheme. This scheme is, in fact, a from of disguised unemployment & an official way of distribution of the taxpayer's hard earned money. I come from a bloodline of contractors. At one point, our company had over 15,000 labourers enrolled in it in over 70 sites across the length & breadth of undivided Bihar. Today, we have to run from pillar to post for gathering as little as 10 labourers. Food Security:, I was once in rural Odisha. A certain man I talked to revealed that he was in possession of as many as 8 BPL (Below Poverty Line) cards. He uses them to buy ration & sell it off the same day in the open market at a discount. For example, rice is provided @Rs. 2/- per kg; 35 kg per card. The aforementioned "Below Poverty Line" guy goes to the government Fair Price Shop ,in his tractor,, buys 34 kg rice (1 kg left behind as a kickback to the storekeeper) per card (i.e. 34 x 8 = 272 kg). I had witnessed the scene PERSONALLY. So, there cannot be a shadow of a doubt regarding the matter. Medical Welfare:, While living in Visakhapatnam, I had seen people arriving at the Andhra Pradesh Aarogyasri Health Care Trust centres in Toyota Innovas & Hyundai Vernas & avail its free medical services. I could go on, but I have made my point. Over & out.
Why is there no major Indian company in electronics whether for mobiles, TVs, A/Cs, refrigerators or washing machines?
In fact, Indian companies that manufacture all these goods are relatively commonplace. They may not have the brand value or recognition of well known brands, but they’re definitely there. Some home-grown mobile phone manufacturers: Intex, Lava, LYF, Xolo, Micromax, iBall. These manufacturers arguably don’t make bad products. They may have less localization compared to Chinese manufacturers that manufacture in China, and some may have changed business models over time to outsource some or most of their components, but you could virtually say the same thing about American brands that manufacture hardware including Apple. While the quality and reliability of these Indian brands was once second-rate, you can now count on them to make reasonably well specced hardware. Home electronics and appliances manufacturers: BPL, Onida, Micromax, Videocon, Havells, Voltas, Kenstar - all of these are well known names in India, and have in the past competed with brands like Samsung, LG and so on. While they don’t have as much scale in the market as these Korean/Japanese/Chinese brands, they do represent technical, engineering and manufacturing capabilities. One area where Indian manufacturing has vastly improved over the years is the automotive sector. Brands like Tata and Mahindra, which were not known for style, features, performance or quality earlier, are competing neck and neck with foreign brands such as Suzuki, Hyundai, Toyota, Honda and Ford, while brands like Fiat and GM are on the decline in India. The Indian 2-wheeler market is immense, and domestic manufacturers such as TVS, Bajaj, Hero and Mahindra are also competing strongly with the likes of Honda and Suzuki. Indian 2-wheelers and 4-wheelers these days are excellent value packages, mostly meant for mainstreaming commuting, while providing some options for performance-minded buyers. India as a market was never geared to very high performance, ultra luxury and other segments, so you’re likely to not find such vehicles in large numbers. Indian tractor and machinery equipment industries have also evolved their offerings to meet the growing demands of farming in India, and to address India’s economic challenges and needs such as the need to build and lay great roads. I’d also like to suggest that while a brand may not be a natively Indian brand, it may have grown to popularity because of India-manufactured products, and that brand’s major manufacturing presence may in fact be in India. A great example of this is Hyundai, who moved their primary manufacturing facility from S. Korea to Chennai, India and use Chennai as a manufacturing operations hub. So, what would it take to bring our homegrown Indian manufacturers to positions of pre-eminence? Understanding and addressing local buying tendencies - ingrained tendencies exist in different market, and since product manufacturing is very zero-sum by nature of competition, there is a need to build and aggressively market products Enhancing quality and good customer service without a culture of mediocrity. This is something Japan did extremely well in the 1950s - from Made in Japan being seen as a derogatory term, it came to be synonymous with high quality, reliable products. You see the same thing happening with Chinese mobile phone manufacturing these days - whether Xiaomi, Huawei or Meizu, they make excellent handsets. Not tolerating bureaucratic meddling in businesses or watered-down policies - this is a huge deterrent to those who are interested in starting their own manufacturing business in India. Many startups have issues of this nature, not to mention the corruption many have to face.
The value of the Indian rupee has fallen sharply to ₹72 per US dollar. Isn't this very dangerous? Why are the measures taken by the government not effective? What should I do for my part?
Well, U worry about INR vs $ usd ?? Y do most of the Indians buy ● Apple, Ford, GE, IFB, MS, Google, Yahoo, IBM, Merc, BMW, MiniCooper, CROCS, NIKE, ARROWS, LEVIS, products & Services !!! ● Samsung, LG, KIA, Hyundai, products !!! ● Toyota, Honda, Nissan, Mitsubishi, Casio, Suzuki, Sony, Hitachi !!! ● Siemens, ABB, Mercedes, BOSCH, VOLVO, VW, !!! ● Huawei, 1+1, Vivo, Oppo, RedMI, RealMI, Lenovo products !! ● Chinese 1000's of substandard products- of all categories, Automobiles, Play-Games, electronics, mobiles, Tiles, Home appliances, Furnitures, Sanitary & plumbing fittings, Lights & Appliances etc., ● AND ● Y NOT ?? INDIAN PRODUCTS LIKE TATA, M&M, GODREJ, BPL, HCL, WIPRO, MARUTI, HERO, BAJAJ, KALYANI, BHARATH MOTORS, KINETIC MOTORS, AMBASSADOR, INDIAN FIAT, E2O, REVA, SUJATHA, T-Series, Himalya, VST, JINDAL, MITTAL, PHILLIPS, BATA, MRF, JK, RAYMONDS, VIMAL, GARDEN …!!!! TO IMPROVE INR STRENGTH. In 1920's “1” British.Indian Re = $ 13 USD ??? In 1947 “1” INR = $ 1 ??? In 2005 $ 1 usd = INR 40 Rs !!! In 2015 $ 1 usd = 60 Rs !!! In 2019 $ 1 usd = 72 Rs !!! From 1920's to 2019's ( less than 100 Yrs) $ has grown by 936% !!! ALL B.coz, V INDIANS DO NOT HAVE NATIONALISTIC FEELINGS & LOYALTY TO INDIA'S GROWTH & INDUSTRIAL PRODUCTION !!!
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