SC upholds conviction of '92 securities scam accused

NEW DELHI: The Supreme Court has upheld the conviction given to former Uco Bank Chairman and Managing Director K Margabandhu and former General Manager Ramaiya Venkatkrishnan, in the 1992 securities scam case, and sentenced them to six months' rigorous imprisonment. A Bench headed by Justice S B Sinha, while upholding the ruling of the special court set up to try cases related to the securities scam, also asked each of them to pay a fine of Rs one lakh. However, it said the period of imprisonment undergone would be deducted from the sentence. "We hold K. Margabanthu, Ramaiya Venkatkrishnan, Ashwin Mehta and Sudhir Mehta guilty of the offence of Criminal conspiracy. We need not interfere with the conviction of Munipally Subramanium Eshwar Chandra, Sunil Samtani and Pankaj Brijlal Shah. Former Uco division manager S.V. Ramanathan is acquitted of the charge of Criminal Conspiracy. "We must, while pronouncing on the sentence to be passed on the accused, make note of the fact that the CBI has not preferred any appeals for enhancement against the impugned judgment of the Special Court. This Court, therefore, cannot impose a higher sentence," it said. The Bench didn't intervene in the punishment given to Margabanthu, who was sentenced to undergo rigorous imprisonment (RI) for six months and a fine of Rs one lakh was imposed by the special judge.

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