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Sentence against five bank officials stayed

By Our Legal Correspondent

NEW DELHI, FEB. 3. The Supreme Court today stayed the operation of an order passed by a Mumbai Special Court sentencing five top bank officials, including the former UCO Bank Chairman, K. Margabandhu, involved in the 1992 securities scam, to imprisonment ranging from six months to three years.

A Bench of Justice R.C. Lahoti and Justice B.P. Singh granted the stay admitting their appeals.

The Special Court had sentenced Margabandhu and R. Venkatakrishnan, former General Manager of UCO Bank, to six months' rigorous imprisonment and fined them Rs. 1 lakh each for conniving with other officials to place public funds amounting to Rs. 40 crores in the hands of the late Harshad Mehta.

C. Ravi Kumar, Assistant General Manager, National Housing Bank, was sentenced to three years rigorous imprisonment, while Suresh Babu, Assistant Manager of the same bank, was given a year's rigorous imprisonment.

S.V. Ramanathan, AGM, UCO Bank, was sentenced to a month's jail term while Atul Parekh, employee of Mehta, was sent to prison for 15 days.

Mehta died during the trial.

All the public servants accused were asked to pay a fine of Rs. 1 lakh each.

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