MUMBAI, February 19: Justice SN Variava, adjudicating the securities scam, is likely to pronounce the judgment on Bhupen C Dalal's application on Friday. This application seeks the court's direction to force the Central Bureau of Investigation (CBI) to conduct a detailed scrutiny of some transactions executed during the securities scam.These involve around 73 transactions entered into by the Standard Chartered Bank (SCB) with Bank of Karad (BoK) for which no cost memos were issued or available with SCB, stated the application. "CBI has not investigated these transactions, which, on the face of it, appears to be dummy or sham transactions", the application said, adding that if the investigation is fully carried out, will falsify SCB's complaint (which was registered as first information report (FIR) by CBI in June 1992).
According to the application, SCB made certain bogus or sham transactions worth crores of rupees, which are not reflected in the books of BoK and its registers and thereby manipulatedaccounts. Dalal alleged that the investigative agency has not compared important entries in the books of accounts of SCB and BoK and also failed to investigate the role of higher ups.
Arguing the case himself here on Thursday, Dalal said copies of certain documents were not furnished despite repeated requests to CBI. He informed the court that a letter was also written to the agency on Wednesday asking them to bring the documents to the court and, if required, be made available.
Referring to a decision of the special court in October 1996, directing the CBI to further investigate various aspects of scam transactions and the role of higher ups, Dalal pleaded that a detailed inquiry would trace with whom the securities are lying with. Dalal, who was repeatedly reminded by the court to stick to a point, also cited an instance involving 25 crores 9 per cent HUDCO bonds, where securities were delivered to SCB without recording any transaction.
The CBI, in its June 1997 report, stated that the cost memo forthese bonds was issued on a/c AD Narottam (ADN) and was cancelled. The ADN securities ledger in respect of Hudco bonds does not indicate any transaction in stock in October 1991. However, as per SCB, the bonds were received. Variava refused to take on record some documents being relied by Dalal, during the course of his argument, as the same were not cited in the application. The CBI, in its reply against Dalal's application, stated that his request is not maintainable and has been made malafide in order to further delay the trial.
According to the Central Bureau of Investigation, there is no procedure in the criminal procedures 1973 wherein an accused can demand an investigating agency to examine the very case against him in any manner.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
