Harshad146;s brothers convicted

The 1992 UCO Bank case relates to the diversion of around Rs 50 crore to two finance companies, Mazda Leasing and Growmore owned by Harshad Mehta, which later found its way into the stock market. The bank8217;s officers were arrested, as this diversion was in violation of regulatory norms regarding end use of banks funds.

The trial, which started in 1993, is significant because it is among the few in which a top official of the rank of a chairman of a public sector bank has been sacked.

This is the first conviction against Ashwin Mehta. The sentences have been suspended allowing the four convicted to go in appeal at the Supreme Court. The Mehta brothers have several cases pending in the courts. According to sources, while Harshad Mehta was the main accused, Ashwin and Sudhir were associated in the dealings as well. Both brothers were unavailable for comments.