Harshad Mehta's assets may fetch Rs 1,000 cr

The government on Thursday said it expected Rs 800 crore to Rs 1,000 crore to be recovered from liquidation of the assets of late stock broker Harshad Mehta who was convicted in the stock market scam of 1990s.

The amount will be used to meet a large portion of the liability of the stock broker towards taxes and banks.

"With this additional amount (Rs 800 crore - Rs 1000 crore), nearly all the principal liabilities of the Harshad Mehta Group towards taxes, banks and financial institutions are expected to be met," the finance ministry said in a release.

This follows a recent Supreme Court order on attachment of Mehta's assets.

The apex court on May 6 had upheld a government notification to attach property belonging to Mehta in Mumbai as his family members failed to explain the source of their income.