Financial Daily from THE HINDU group of publications
Thursday, Jul 31, 2003
Financial Daily from THE HINDU group of publications Thursday, Jul 31, 2003 |
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Markets
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Economic Offences Bids for Harshad securities to open on Aug 22 Our Bureau
Mumbai , July 30 THE custodian of Harshad Mehta's assets has put up for sale the securities of top companies, including Reliance, ITC and Tata Tea, worth nearly Rs 100 crore. The benami shares were seized by the custodian from the deceased broker Mehta and his associates after the 1992 Securities Scam. They include 14.59 lakh shares of Reliance Industries, 1.17 lakh shares of ITC Ltd, 12.49 lakh shares of Apollo Tyres, 6.03 lakh shares of Punjab Tractors and 2.33 lakh shares of Tata Tea Ltd. The custodian recently obtained permission from the court to sell these shares. The companies, following the court order, have issued these shares in the custodian's name to facilitate the sale. On Tuesday, the custodian called tenders from institutional and non-institutional buyers for bulk sale of the shares. The bids will be opened on August 22, according to a pubic notice issued by the custodian appointed by the Special Court. The managements of the companies can also bid for the shares. Earlier, Apollo Tyres had bought back a huge chunk of shares of Harshad Mehta. According to sources, there are further shares of companies such as ACC and Bombay Dyeing seized from Harshad Metha, which may come for sale later.
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