Business Headlines: Why Harshad Mehta is in the news 17 years after his death


The original Big Bull of the stock market Harshad Mehta who perpetrated the biggest stock market scam worth 4000 crore ₹ is in the news again. In good news for his family, the ITAT reversed an order of the Income Tax Department and scrapped additions to income worth little over 2000 crore ₹ and have made relevant observations. The RBI under its new and accommodating governor Shaktikanta Das, after cutting benchmark interest rates to 6.25%, has transferred 28,000 crore ₹ as interim dividend to the government which will help meet its revised fiscal deficit target of 3.4% of GDP. The SFIO has alleged that it discovered a trail of 2000 crore ₹ worth of funds diverted from Fortis and Religare – firms controlled by billionaire brothers Malvinder and Shivinder Singh to companies controlled by their spiritual guru Gurinder Singh Dhillon and former associate Sanjay Godhwani.

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