A church panel probing land transactions in the archdiocese of Ernakulam has recommended action against Cardinal George Alencherry under Church and civil law for causing losses to the diocese. This is the first such recommendation — the case also involves black money — for a Catholic Church in India.
His early childhood was spent in Kandivali, Mumbaiwhere his father was a small-time businessman. A cricket enthusiast, Mehta did not show any special promise in school and came to Mumbai after his schooling for studies and to find work.
Com in from Lajpatrai college Mumbai and worked a number of odd jobs for the next eight years. During this time, he got interested in the share market and after a few years, resigned and joined a brokerage firm.
In the early s, he moved to a lower level clerical job at the brokerage firm Harjivandas Nemidas Securities where he worked a jobber for the broker Prasann Pranjivandas Broker who he considered his "Guru".
Over a period of ten years, beginninghe served Indian money market case study positions of increasing responsibility at a series of brokerage firms.
Byhe had risen to a position of prominence in the Indian securities industry, with the media including popular magazines such as Business Today touting him as "The Amitabh Bachchan of the Stock market".
The price of shares in the cement company eventually rose from Rs. He was covered in a cover page article of a number of publications including the popular economic magazine Business Today, in an article titled "Raging Bull".
His flashy lifestyle of a sea facing 15, feet penthouse in the tony area of Worli complete with a mini golf course and swimming pool, his fleet of a fleet of cars including a Toyota LexusCorolla Starlet, Toyota Sera were flashed in publications. These further exemplified his image at a time when these were rarities even for the rich people of India.
The scheme was financed by supposedly collateralised bank receipts, which were in fact uncollateralised. By the second half of Mehta had earned the nickname of the "Big Bull", because he was said to have started the bull run in the stock market.
Up to the early 90s, banks in India were not allowed to invest in the equity markets. However, they were expected to post profits and to retain a certain ratio threshold of their assets in government fixed interest bonds.
Mehta cleverly squeezed capital out of the banking system to address this requirement of banks and pumped this money into the share market.
He also promised the banks higher rates of interest, while asking them to transfer the money into his personal account, under the guise of buying securities for them from other banks.
At that time, a bank had to go through a broker to buy securities and forward bonds from other banks. Mehta used this money temporarily in his account to buy shares, thus hiking up demand of certain shares of good established companies like ACCSterlite Industries and Videocon dramatically, selling them off, passing on a part of the proceeds to the bank and keeping the rest for himself.
This resulted in stocks like ACC which was trading in for Rs. In a ready forward deal, securities were not moved back and forth in actuality. Instead, the borrower, i. The BR confirms the sale of securities.
It acts as a receipt for the money received by the selling bank. Hence the name - bank receipt. It promises to deliver the securities to the buyer. It also states that in the mean time, the seller holds the securities in trust of the buyer.
Having figured this out, Mehta needed banks, which could issue fake BRs, or BRs not backed by any government securities. Once these fake BRs were issued, they were passed on to other banks and the banks in turn gave money to Mehta, plainly assuming that they were lending against government securities when this was not really the case.
The stock markets were overheated and the bulls were on a mad run. Since he had to book profits in the end, the day he sold was the day when the markets crashed.
Mehta was dipping illegally into the banking system to finance his buying. The RF is in essence a secured short-term typically day loan from one bank to another. Crudely put, the bank lends against government securities just as a pawnbroker lends against jewellery. The borrowing bank actually sells the securities to the lending bank and buys them back at the end of the period of the loan, typically at a slightly higher price.Kerala: First black money case against Catholic church, Cardinal George Alencherry under cloud Alencherry is head of the Kochi-based Syro-Malabar Catholic Church, one of the 22 Eastern Catholic Churches in the world under Rome and is also the archbishop of the Ernakulam archdiocese.
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