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The Rediff Business Special/ A Ganesh Nadar

Big Bull in the Dock

On Monday, August 2, the special court trying the securities scam cases allowed Harshad Mehta, who holds 10 per cent of Associated Cement Companies's equity, to apply for the ACC rights issue. ACC had applied to the court to refuse rights to the scam-tainted Mehta, arguing he might pose a threat to the company's well-being.

Seven years after the securities scam emerged, the Big Bull continues to make news, though his visibility has somewhat reduced.

As the scam cases drags on in the special courts, and each time the market swings wildly, Mehta is sought out by the media for comment. Of late, his visibility has been limited to appearances in court.

How is Mehta doing these days? Has the seven-year-long scrutiny of his life brought about any changes in his lifestyle? The only way one can find out is to see him in person. And that is possible only at the courts.

A recent session involving Mehta went something like this:

It is 3 pm, very hot and humid. The special court trying the scam cases, set up at the Bombay high court, is empty.

The court clerks are the first to enter. Mehta walks in, briskly, and sits where the lawyers sit. His lawyer follows Mehta into the courtroom, wearing a grim look.

Mehta looks stout. Two years back, he looked tall and slim, and had a crop of hair. He is balding too. He looks contemplative, yet relaxed, comfortable in his grey trousers, grey-striped, full-sleeved, crisp white shirt and black leather shoes.

The court peon walks in, looking very important. The clerks, Mehta and his lawyer rise in anticipation of the judge's entry. His Honour enters.

Even before his name is called, Mehta walks into the witness box and sits down. The court clerk reads out questions in a Gujarati accent. She speaks listlessly. Mehta replies in monosyllables.

The trial will continue the next morning.

At the appointed hour, a small group of people materialise in court. Has Mehta finally attracted an audience? No. These people are there to attend their cases. This is a special court, but the honourable judge sits in judgment over other cases too. Or so one is told. One learns the judge has slotted all the other cases to the following week.

The crowd disperses. One man mumbles, ''We have been coming here since November.''

The Big Bull and his lawyers remain in court. Mehta scribbles a few notes. He looks around every few moments, scanning the faces in sight. His eyes, I think, mirror a certain arrogance.

He is called to the witness box. The lady clerk reads out questions. Mehta seems to deny everything.

Next, it is the turn of the other witnesses. Mehta stands in the corridor and speaks into his mobile phone. His assistant hands him another mobile with a 'so-and-so-is-on-the-line' whisper.

Suddenly, the court peon materialises in front of Mehta and tells him, ''The judge is calling you to room number five.''

Mehta disconnects both calls and rushes back.

In the court, an artist sketches the scenes. The court clerk notices the artist and his art. He sends a message through one of the scam accused that the artist and his friend could be tried for contempt of court. The artist flees, firm in his conviction that flight is the better part of valour.

Illustrations: Dominic Xavier

Business

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