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Special court set up to settle scam case

Mehta, others refused bail
NEW DELHI. June 7: An Indian judge has refused ball for stock broken Harshad Mehta and nine other suspects In a billion dollar bond fraud ease, press reports said Sunday, according to AFP.
They were ordered to be kept In custody until June 19 by additional metropolitan magistrate PK Nalknavarc who delivered the ruling late Saturday after hearing counsel counsel argue for a marathon 11 hours, the Indian Express and other newspapers reported.
"Big bull" Mehta's attorney Krishnnkant Desai, said his client was innocent and had done nothing wrong In the scam, which has shaken banks and stock markets since It came to light in April, the reports said
Desai said Mehta had been engaged In "aophlstlcalcd and scientific" business, and accused the |Central Burau of investigation (CBI) of gathering Information with "Jaundiced eyes'.
Counsel argued that the stockbroker had only exploited loopholes in the law and was not responsible for the loopholes themselves.
Relatives of the 10 defendants who all pleaded not guilty chanted prayers In the packed coOrtroom seeking di-
vine intervention on behalf of the ball application which the judge rejected In an order that took three hours to deliver.
The CBI. India's chief investigating agency. had called for a two-week demand of the suspects on grounds that ft needed the time to carry out more investigations.
Mehta, his brother Ashwin and three of his employees, three officials of- the State Bank of India (SBI) and two of the National Housing Bank have been arrested on a range of charges Including cheating, forgery and falsification of accounts.
Another report from Delhi says: India's President Rama swamy Venkataraman issued an ordinance to set up a special trial court to deal with the country's worst financial scandal, an official spokesman said.
The spokesman told Reuters the ordinance paved the way to set up a special court to try offences "relating to transactions In securities and for other related matters".
The Indian president Issues an ordinance as a temporary emergency measure to set up new laws when parliament is not in session.
The parliament has to ratify it to give it legal sanction.
The spokesman said the ordinance provided for the confiscation of the assets of suspects.
The spokesman said the Bombay High Court was being asked to nominate a fudge to I preside over the trial In the 30-billlon rupee (one billion dollar) financial scandal.
Singh's quitting demnnded
An earlier Reuter report from Bombay says: India’s worst financial scandal brought opposition demands Saturday for Finance Minister Manmohan Singh to resign, as police predicted more arrests.
The right-wing Bharatiya Janata Party (BJP), India's main opposition party, said Singh should quit on moral grounds In a 30 billion rupee (one billion dollar) scandal over Illegal slock dealings.
The Janata Dal, party of former Prime Minister Vishw-anath Pratap Singh, demanded a parliamentary probe, charging that federal cabinet members had a hand deals uncovered by Investigators that Indian newspapers call "the scam."
CBI sources said they expected to make further arrests. but declined to say who ihey might target next. "It should be very soon.