The bottomline of State Bank of India and Standard Chartered Bank could be buoyed by Rs 260 crore and Rs 346 crore, respectively, in the September quarter as the Custodian dealing with the 1992 securities scam has secured the Special Court's order to release the money to them.

Overall, the Custodian has secured an order to release a total of Rs 650 crore to the Income-Tax Department, banks and financial institutions from the liquidated assets of the Harshad Mehta Group (HMG).

This is the second time the Custodian will be releasing the funds against the outstanding dues of the HMG.

In March, Mr Satish Loomba, Custodian, had released Rs 2,200 crore, of which, Rs 2,000 crore went to the I-T Department and the rest to the State Bank of India.

Besides the SBI and Standard Chartered Bank, Justice D. K. Deshmukh of the Special Court (Mumbai) had ordered payment of Rs 28 crore to the I-T Department and Rs 16 crore to SBI Caps on September 9, 2011.

I-T Dept dues

“Following the latest order, the dues of the I-T Department have been fully settled. Now, only about Rs 270 crore in respect of principal dues of banks remain to be settled,” said Mr A. K. Toprani, Director, Office of the Custodian.

The payments are to be released on an interim basis on undertakings to be provided by the receiving entities that the amounts will be brought back to the Custodian, if so ordered by the Special Court.

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