StanChart moves SC claiming share of Harshad Mehta Assets

Standard Chartered Bank has moved the Supreme Court claiming share of Harshad Mehta Assets, reports CNBC-TV18. About Rs 2025 crore of Harshad Mehta Assets with custodian. Standard Chartered has sought a stay on Bombay High Court's interim distribution order in the Harshad Mehta Assets case. Distribution of funds would be priority based on the date of decree by the banks. No specific distribution has been directed for Standard Chartered.

The Bombay High Court has said that SBI will get Rs 200 crore, while Canara Bank will get Rs 25 crore. However, Standard Chartered has said that the distribution based on date of decree is wrong. The income tax department is not entitled to such a large chunk from the custodian, it said. The I-T Department was set to receive Rs 1995 crore as per the Bombay High Court