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Harshad, 2 brothers remanded to JC till Jan 4

A special court on Friday rejected the bail plea of Big Bull Harshad Mehta and his brothers Sudhir and Ashwin and remanded them to judicial custody till January 4 in a case of misappropriation of funds worth about Rs 2.50 billion from 2.7 million 'missing' shares of 90 blue chip companies.

Harshad and Sudhir were produced before Justice S H Kapadia who remanded them to judicial custody for two weeks.

Harshad's another brother, Ashwin, could not be produced in the court as he is admitted to the J J hospital since November 22 following complaint of giddiness. He was also remanded to the judicial custody by the Judge who directed CBI not to interrogate him until he was discharged from hospital.

CBI counsel V C Gupte and Raja Thakre sought judicial custody of the accused on the ground that new material concerning the scam had come to light and therefore it was necessary to carry out custodial interrogation.

Perusing the case diaries and investigation papers, the judge rejected the bail plea of the accused on the ground that investigation had reached a crucial stage.

The accused were arrested on November nine and remanded to police custody on two occasions. They were remanded to judicial custody till December 21.

Harshad and his brothers contended that it was on the basis of their complaint that the court had earlier ordered CBI to probe the +missing+ shares, while CBI argued that these shares were sold fraudulently in the market by the accused.

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