Sony Pictures Moves Bombay HC To Quash Defamation Case Filed By Bank Over Scam 1992 Series

BACKGROUND

• The Indian stock market scam of 1992 was a manipulation in the stock market, carried out by Harshad Mehta, with several bankers and politicians on the Bombay Stock Exchange.
• Harshad Mehta used several techniques such as corrupt officials signing fake cheques, misusing market loopholes, and fabrication to change the stock market prices, etc.
• The scam led to disruption of the stock market in India and defrauded investors of over one billion USD.
• The story of the scam was recently depicted on the Sony Liv App in the form of a series under the title Scam 1992: The Harshad Mehta story,'

ALLEGATIONS AGAINST SONY

• Karad Urban Co-operative Bank (KUCB) filed a complaint before the Pune police for defamation against Sony Pictures.
• In its FIR against Sony, the bank had alleged that in one of the episodes of the series, a logo was displayed in the background which resembled its trademark and because of that severe damage was caused to its financial, commercial, and social reputation.

SUBMISSIONS BY SONY

• Sony refuted the allegations and stated that Bank of Kalraj and the contentious logo that had appeared in the series for a few seconds was used to show 'Bank of Karad', because of their involvement in the scam.
• In their petition, Sony has also claimed that the series is an adaptation of the book titled 'The scam: Who won, who lost, who got away,' and they have merely broadcasted it.
• It also submitted that there was a disclaimer at the beginning of every episode and it cannot be made liable.

ORDER

The Bombay High Court orally asked the Pune police not to take any coercive action against Sony Pictures.

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