Latest news with #Mehul
Time of India
2 days ago
- Business
- Time of India
Anchor Group's Hemang Shah released by Bombay HC in case stemming from family dispute
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Bombay High Court on late Friday night, directed the release of Hemang Jadavji Shah, Anchor Group director, observing that the arrest by the Economic Offences Wing (EOW) of the Mumbai police earlier this month was 'illegal'.The division bench of Justice Gauri Godse and Justice Somasekhar Sundaresan, while declaring the arrest illegal and unnecessary, ordered his immediate release.'We did not find any such tearing hurry to initiate action to take the petitioner into custody with such zeal and enthusiasm,' the court observed in its 27-page detailed order. '...there is a violation of the petitioner's right guaranteed under Article 21 of the Constitution of India ,' observed the genesis of the dispute lies in the complaint filed by Shah's brother, Mehul and their father at the Economic Offence Wing (EoW) at Malabar Hill Police Station, regarding certain alleged financial misappropriation and criminal breach of trust The complaint filed at the EoW alleged financial transactions were undertaken between 2020 and 2025 under the garb of investments in mutual funds to seek higher Advocate Ravi Prakash, along with Munaf Virjee, Managing Partner of AMR Law, appeared for Hemang Shah and argued before the court that the arrest of the petitioner was illegal in the facts and circumstances of this present case and violates the fundamental rights of the petitioner under Article 22 (2) of the Constitution of Shah family-owned Anchor Group launched GreatWhite switches to challenge a brand it created four decades ago and sold to Panasonic (then Matsushita Electric Works) for Rs 2,000 crore in in 1963 by Shah brothers Damjibhai and Jadavjibhai, is now managed by their sons. Late Damjibhai's sons, Atul and Sanjay, handle Anchor Health & Beauty Care and Jadavjibhai's sons, Mehul and Hemang, oversee businesses such as real estate, paints and writing instruments.
Time of India
3 days ago
- Business
- Time of India
Diamond artisan poisons himself
Surat: A 45-year-old diamond artisan killed himself by ingesting poison on Thursday. Kapil Nimavat was found lying at the side of a road near Derod village in Kamrej taluka of Surat district. He died at New Civil Hospital (NCH). His brother, Mehul, told police that Nimavat had been facing a financial crisis due to his reduced earnings for the past few months, and this led him to end his his life. Nimavat left home to go to work on Thursday. In the afternoon, Nimavat called Mehul to tell him that he had poisoned himself. On reaching the spot, Mehul called an ambulance and took Kapil to a hospital in Kamrej. He was then shifted to NCH as his condition was critical. He was died at NCH on Thursday evening. Police registered an accidental death and began an investigation. "Nimavat was a diamond artisan and used to work at a unit in Kapodra. He had been earning more than Rs 25,000 a month, the minimum needed to run a family of four, but for the last few months his earnings had fallen to Rs 12,000," Mehul told TOI. "He was not getting enough polishing work. He did not discuss his financial crisis with me, his wife or friends as he did not discuss his problems. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo We knew he was under tremendous pressure," said Mehul, who rears cattle for a living. Police are yet to record the statements of other family members. Nimavat did not leave behind a suicide note. The state govt recently announced a support scheme for diamond artisans and small diamond units. Diamond artisans will get a year's school fees, up to Rs 13,500 per child, for their children. Unit owners will get relief in interest on loans and electricity electricity duty. The process to disburse the aid package is yet to begin.
Indian Express
3 days ago
- Indian Express
45-year-old diamond polisher battling financial crunch ends life in Surat: Police
Over a week after the Gujarat government announced a special package for the diamond industry, a 45-year-old diamond polisher ended his life in Surat's Kamrej area, police said on Thursday. The victim, who was allegedly battling financial crunch, took the extreme step on Wednesday evening, by consuming poison, said police. According to the details from Kamrej police officials, the deceased, identified as Kapil Nimavat, was a native of Amreli district and was residing at Derod village in Kamrej. On Wednesday evening, he consumed poison on the roadside near Bhurkiya farm at Derod village, said police, adding, a passerby spotted him lying unconscious and informed the cops. After identifying him, the victim was rushed to hospital and his family was informed, said police. The victim could not be saved and died during treatment, said police. The Kamrej police has lodged an accidental death complaint into the matter. During the probe, the victim's younger brother, Mehul, told the police that 'his brother was working at a diamond factory in Varachha and was not earning well'. 'My elder brother had been working as a diamond polisher for the last 10 years. Due to the recession in the industry, he had been getting half salary of Rs 15,000 since January this year, which was not sufficient to meet the monthly expenses,' Mehul told The Indian Express. 'He has two children and his elder daughter goes to school. He was the only earning hand in the family. He had to pay Rs 4,000 monthly house rent among other expenses. He was depressed as he was unable to pay the rent for a couple of months,' he said. An official from Kamrej police station said: 'According to probe, he was facing financial crises and was not earning well to meet the monthly expenses, following which he committed suicide'. Diamond Workers' Union Gujarat (DWUG) vice-president Bhavesh Tank told The Indian Express, 'One more diamond polisher has ended his life due to financial crises. In last 18 months, over 75 diamond polishers have committed suicide. He (Kapil) is survived by two children and his wife. Now, who will look after his family?' 'We have made regular representations to the state government to provide financial aid to help the families of diamond polishers who had committed suicide. The government had declared a package for diamond polishers but that does not include semi-unemployed (50 per cent salary earners). The government had declared Rs 13,500 school fees to be paid for the children of the diamond polishers which is insufficient,' he said. 'The government should financially help families of diamond polishers who committed suicide and also help diamond polishers financially,' Tank said. On May 24, Minister of State for Industries, Harsh Sanghavi, in a media briefing in Surat, announced the special assistance package.
Time of India
20-05-2025
- Business
- Time of India
Anchor Group owner arrested for defrauding brother of Rs 67 crore
MUMBAI: The of on Sunday arrested , one of the owners of the of Companies, on charges of defrauding Rs 67 crores from his elder brother . This was done under the pretext of shared investment through the company's accounts and demat portfolios. Tired of too many ads? go ad free now Last year Ashwin Sheth of the Ashwin Sheth group lodged an FIR against the directors of Anchor Leasing Pvt. Ltd. for duping him of Rs 51 crores. Hemang Shah, 48, was arrested at Delhi Airport based on the Look Out Circular (LOC) issued by the Mumbai police. Officials said that the immigration officials alerted them and a team reached Delhi airport and took Hemang's custody. Hemang was produced before a court and was remanded to police custody. Hemang's elder brother, Mehul Shah, a key figure behind the legacy of — lodged an FIR with the Malabar Hill police, alleging a massive breach of trust by his brother Hemang. Anchor Electrical Pvt. Ltd., founded in 1963 by their father Jadavji Lalji Shah and uncle Damji Shah, was sold to Panasonic Electric Works Co. Ltd. in 2007 for Rs 2,500 crore. The proceeds were equally divided between the founding families and subsequently invested in a web of over 180 companies, with operations headquartered at Peninsula Business Park, Lower Parel. The Shah brothers, alongside their father, initially served as directors in multiple firms such as Great White Global Pvt. Ltd. and Anchor Leasing Pvt. Ltd. However, in 2022, the senior Shah resigned, leaving Mehul and Hemang as equal directors and shareholders. According to Mehul, in 2020, Hemang proposed investing the companies' surplus funds in mutual funds, debentures, and equity via , claiming it would yield higher returns than conventional bank interest. On this premise, Hemang opened a series of : nine under Mehul and his family's names, eight under his own family's, and one corporate account under Great White Global Pvt. Tired of too many ads? go ad free now Ltd. Mehul, trusting his brother's management, claims he allowed Hemang to oversee the investments. However, in July 2024, an emailed report from Anand Rathi revealed discrepancies in the demat account balances. Mehul's family account held only Rs 47.41 crore, while Hemang's family account stood at Rs 181.29 crore, prompting concerns of unequal investment distribution. The matter escalated when, at the instruction of their father, a Memorandum of Understanding (MOU) was drawn up on August 15, 2024, in the presence of family members. It outlined a division of the investment corpus: 40% each to Mehul and Hemang, and the remainder split among their parents and sister, Hina Desai. However, when Mehul attempted to liquidate his share for a flat purchase in Prabhadevi, Hemang issued a cheque for Rs 67 crore dated September 5, 2024. The cheque was returned by the bank with the notation 'payment stopped by drawer.' Allegedly, shortly after the cheque was cancelled, Hemang transferred Rs 44 crore overseas for personal benefit. Further, Hemang is said to have instructed Anand Rathi to freeze activity in the corporate demat account, effectively blocking Mehul's access to the funds.
Time of India
19-05-2025
- Business
- Time of India
Anchor Group director arrested for ‘defrauding' brother of 67cr
Mumbai: Mumbai police's economic offences wing on Sunday arrested , one of the directors of the of Companies, on charges of defrauding his elder brother, , of Rs 67 crore. Hemang (48) was arrested at Delhi airport based on a lookout circular issued by Mumbai police. Tired of too many ads? go ad free now He was produced before a court in Mumbai and remanded in police custody. Mehul had lodged an FIR with Malabar Hill police alleging breach of trust by Hemang. According to Mehul, in 2020, Hemang proposed investing the companies' surplus funds in mutual funds, debentures and equity via Anand Rathi Share and Stock Broker Ltd, claiming it would yield higher returns than conventional bank interest. On this premise, Hemang opened a series of demat accounts: nine under Mehul and his family members' names, eight in his own family's names, and one corporate account under Great White Global Pvt Ltd. Mehul, trusting his brother's management, claimed he allowed Hemang to oversee the investments. But in July 2024, an emailed report from Anand Rathi showed discrepancies in the demat account balances. Mehul's family account held only Rs 47.4 crore, while Hemang's family account stood at Rs 181.3 crore, suggesting unequal investment distribution, the FIR said. At the instruction of their father, Jadavji Lalji Shah, an MoU was drawn up on Aug 15, 2024. It outlined a division of the investment corpus: 40% each to Mehul and Hemang, and the remainder split among their parents and sister, Hina Desai. When Mehul attempted to liquidate his share for a flat purchase in Prabhadevi, Hemang issued a cheque in Sept for Rs 67 crore. The bank returned the cheque with the notation "payment stopped by drawer". Shortly after the cheque was cancelled, Hemang allegedly transferred Rs 44 crore overseas for personal benefit. Tired of too many ads? go ad free now Hemang is also said to have instructed Anand Rathi to freeze activity in the corporate demat account, blocking Mehul's access to the funds. Last Nov, EOW had lodged a case against Anchor Group co-founder, Jadavji Lalji Shah, and Anchor Leasing Pvt Ltd for allegedly cheating Ashwin Sheth of Sheth Developers Pvt Ltd of Rs 51 crore.
