Harshad Mehta's: Unheard Interview by Himself

Hello friends, I hope you all are enjoying your life in your way. We will talk about the life of a person about whom many contradictions are spread, we now know him by the name of Harshad Mehta.

Today we are going to publish one such interview of him. In which the answers to the questions asked to him were discussed a lot in those days.

Come on, let's start. 

Que- What were the growing-up years like, and how did you enter this business of securities and stocks?

Harshad Mehta - that's a very long story. I don't know, but I can say that I had the opportunity to have exposure in my life to the ups and downs of various different businesses going through these different business cycles.

Which if I go back to my olden days. 

Yes, I feel that. I don't think any MBAs or any business or person gets this kind of exposure. 

Like what all I have got and I got the practical exposure.

Que - Now that you're out, you say that you can resolve the entire crisis of confidence in the market, restore monies to the people who have lost it, and build back things to the old spending.

Harsad Mehta - I think there is again a little misinformation. I am not that capable of this. I want to remove this eye part of it. 

But I am quite conscious from day one that we don't want to make anybody suffering, because of our known payment.

We anybody’s due especially any bank will not suffer any money at least on Harsad Mehta’s account. I had put in a lot of effort. 

I put in efforts to call on the banks. I put in efforts to write letters to FM (Foreign Ministry) to RBI governor and all the while saying.

Truly this may be one of the most unique cases. That on one side such a huge outstanding is there and there is not a single claimant coming up. 

Even the custodian hasn't got a single claim against Harshad Mehta.

Then I am just to ask what the cause is? What’s the question?

And NHB fighting with green lays. State Bank fighting with green lees and NHB. I am saying you are fighting for me. 

I am here; I am prepared to come forward to you. Just work out, just spare your person, and let's sit together.

We don't know you. Straight this has been the answer and it's so shocking. Super really

Que - Maybe you owe nobody any money?

Uh no, I would like you to. I beg your pardon. That's a great situation. But I’m more concerned. It's really beyond few corers. 

I don't need the money and it becomes it starts giving you a negative effect than the positive.

I don't want to pass from that poison to my son.

Que - Have your family taken it before?

Already we are having one, uh two views. I was on the one side of having so much of ambitious plans on the other side my family has always been saying.

What hall and why all. So this gave them the reason that. But, they all have I mean this has been the opportunity again we call it.

The calamity converted into opportunity and I am seeing a point in there saying something and they are also seeing some point in mice.

We have been able to resolve this.

Que - There is a groundswell of opinion that maybe you have been discriminated against. What do you feel about that?

We have written a letter to JPC. As I feel that JPC is one the forum which can act on what all discrimination has been brought out to.

First discrimination is that in nobody's case the whole family is notified. Virtually today I am left without any asset or any money, even for my brother's operation.

I requested to get 30,000 sanctions for the operational expenses, I was denied that.

That's on one side. The number of cases filed against me. In every case, it is just one FIR. But in my cases, there are seven FIRs. As for me file by different-different versions.

In case of, uh my membership. Not only has my membership been taken off. But my family, my brother's membership at the stock exchange, or my wife's membership also has been taken up.

It has been suspended. They are suspended as a member.

The number of agencies going after me. It was not only income tax slapping a huge ridiculous amount of 10 000 crores and all. As income tax could that.

That will help me to be getting, one of the noted persons in the Guinness Book of Record.

Having the highest taxes liability on.

So this all leads me to think about that. Yes, I am discriminated against, not in one case, not in one once.

If one area is there it can be a chance. But not all.

Que – In other words, other people have got more than your punishment due?

I won't say that they have got scot-free. But I will say this way that I am being penalized more than I should.

Que - How does it feel to be free after 111 days?

It took me quite some time to get back to normal. Because in these 111 days, it happened so many times.

Every time when I was going to the court.

I was just under impression that (ki Bhai aaj chhut jaunga ya fir agli tariq ko chhut jaunga) and it was.

Even justice once mentioned that this is the last time then that was ending on 30th June or July.

Something coming up again and at one point in time, there were two or three agencies waiting to pounce on me.

As if I was something a commodity, very scarce commodity.

So that made me lately to feel that. As if I am going to take quite a long time before coming out.

And the day, when I heard his verdict, Justice does that word it. I was not ready to believe it.

I asked my lawyer is you sure are there anybody waiting or anything else is hanging.

Because again after his verdict, it took one day for Bhaykhla Jail to release me.

They were also not sure what to do.

They were so much habitual of me. They did not want to allow me to be a friend.

Que – From public hero to public villain number 1 or to back to being a public hero. It's been several swings up and down. How do you cope with your current reincarnation as a public hero?

Only one and one of my request is. I don't want bookies. Don't give me brick pets.

It's too much of a swing from top to the bottom, again bringing it back. I won't say that I am a hero.

Let me be, what I am and I am proud of what I am that's all.

Que - You turn out to be a scapegoat in this whole scam as they call it?

I just don't feel only, I have tried to even bring out in a very detailed manner expressing.

How I am being victimized? How things are being discriminated against me.

Like with other players only.

First of all, the big gap is that this whole scam or whatever you call irregularities. Has been not committed by any one person or any one group of persons.

It is the whole business, later it came out that.

Yes, it has been the system of the market, and 80% of the trading volume has been going beyond the RBI regulations and to the surprise even now the confession is there from the RBI.

That they were aware of it since last more than a year.

So if they couldn't change it. Banks were the deciding authority. Who was the one who had more of a say in the market?

Brokers are small a segment of the whole market.

Que - You've stirred a hornet’s NEST by referring to Citibank's involvement in the scam, for which they've threatened to sue you I’m told?

I don't, I haven't received any official communication from them.

But that was somebody just now was mentioning that the newspaper is carrying a story there in Delhi.

That they plan to sue me. Fine before that, let them plan, let them sue Janki Raman Committee Report. And Janki Ram committee.

Let them answer that.

Que - Do you feel that the media has been fair to you or unfair?

I will put it this way that the media has been reacting extremes all the time.

And virtually, I can say that nobody has understood exactly what all has happened.

Everybody has tried to explain the situation in their own fashion and so much has come that if I read all the news, then I also will get confused about what exactly has happened.

So I don't know what happens to the common man who has just been fed with so many pieces of information and so much misinformation.

Que - what do you think put into an absolute nutshell, actually happened? What went wrong?

I think today I am not in a position to talk about this as the matter is subsidized. And, it will be adding to more confusion.

Because now, the fact won't remain as fact with the background of what has been created.

So, better let me reserve my part of the view on that.

Que - What is here the future of the stock market of the Indian stock market that is?

I had been saying and I am still very firm about it that India is a turnaround stock on the global exchange.

And it has all the signs these Asian Tiger is coming out of the cage.

It's only a matter I will not suggest for the speculators or short-term traders.

I had always been talking about investors and investors if you go on even averaging out on an index basis also have made substantial money.

Forget about expertise and unique approach and this is not just my view, Morgan Stanley has already declared how much potential India has. 

I being a creature of this market have been able to observe this market so closely. 

I think that this market that we have has huge potential, compared to the markets of the world.

Que - Why did the stock market not uh suddenly welcome you out with open arms as one had expected them to?

They've become more sensible. I mean Harshad Mehta the authoring has got nothing to do with stock prices.

I mean you can't overreact. They know that.

If I am in a position to buy or sell shares I can do it, being behind the bars and if I’m not I am not able to do it outside. 

Because I am still right now bound by so many regulations and systems and the environment.

Que - So when do you hope to get back to business?

At this question, Harshad Mehta signs God knows.

Que - What do you see as the key shares of the future?

Frankly speaking, I am really out of touch for the last four and a half months or five months. So I don't want to talk anything in particular.

Que - You head back certain shares, do you still see them as key players in the market?

I think I don't see any change in the potentials of those shares. It only depends that how things are shaping up now and especially I will not like to again.

I will re-emphasize that, I don't want to talk on short term.

The short-term market has got into quite a lot of shocks and let the market gets absorbed, let the market get adjusted to the newer situation.

But otherwise, I see the delay whatever is taking place on the liberalization or the process is the only delay for the stock market.

Que - If you were to name the five stocks which are the stocks of the future or not the short-term future but share investing future. What would you do much of the fact that you would?

Mr. Nandy, you can't get those five stocks out of me so easily. You have to pay the price for it.

Que - What is the price?

The stock itself, okay.

Que - Citibank, What do you see as the future of this interface or the future of this confrontation between you and City bank?

I won't say, I had picked up any confrontation as such. I was trying to just give out the facts.

Because nobody has been able to bring it out except a two-three place some journalists have brought it out and it becomes again.

If I’m made to state the fact I have to give the fact what dollars affect the market.

And if I can help, as I have always been saying that I am wanting to help the investigating agencies to earth unearth the truth and that is going to exonerate me from the charges which has been labeled and this is one of the basic fact so that's what I am doing it.

Que - What was the interrogation like what were you were the quizzing days like with the CBI and other investigating agencies?

Especially my experience at CBI was very tough. Because in the history of CBI itself I don't think anybody has undergone so much of uh soul and the introductions.

They claim to me that I have a record number of ours, a number of people.

Que - How many?

It must have gone beyond 65 people. 65-70 people interrogating at different-different times with different influences. Different methods of different styles.

Everybody has their own style and they claim that yes everybody is capable of bringing out the information.

They were all acting like there was a competition going on there.

Who gets the information first? You can imagine and I was on the other side of it.

Que - But the rough video.

I won't say the rough; rather they approach us more to build up a mental pressure, but that it is terrible. It will pressure you to how can you stand.

So a number of pages have gone, beyond 500 pages of interrogation.

The number of hours must also be 500 to 600 hours. Number of people is 65 to 70 people.

A number of days, I don't need to tell you.

Mr. Nandy - So we've been providing employment to our investigating agencies.

No in the end I was thinking if there is any self-employment scheme I can be a good introvert to myself after undergoing so much of it.