SC slams Centres indifference towards 1990s securities scam

The Supreme Court on Wednesday slammed the Centre for its duplicity and absolute indifference in unraveling the truth behind the 1990s securities scam,involving tainted stock broker Harshad Mehta.

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The Supreme Court on Wednesday slammed the Centre for its duplicity and absolute indifference in unraveling the truth behind the 1990s securities scam,involving tainted stock broker Harshad Mehta.

Adjudicating a civil appeal,a three-judge bench expressed its discontent over the fact that the finance ministry was not moved even after the courts intervention to look into the doubtful deals between two public sector banks slugging it out in the court.

The professed purpose of the Special Courts Act,(set up) in the back drop of the scandal that shook the nation,and the manner in which the litigation was conducted coupled with the absolute indifference of the government to get at the truth only demonstrates the duplicity with which governments can act, said Justice J Chelameswar,who authored the verdict.

The bench was hearing an appeal filed by the State Bank of India against the National Housing Bank,its employees and Harshad Mehta (since deceased) against the order of a special court. The special court was established in the aftermath of the 1992 stock scam.

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