Bombay HC Holds Pallav Sheth Guilty Of Contempt For Concealing Bank Accounts And Financial Transactions
Mumbai, August 10, 2026: Stockbroker Pallav Sheth, 70, whose name figured prominently in the 1992 securities scam, has been held guilty of contempt of court by the Bombay High Court for concealing bank accounts and financial transactions despite being directed to fully disclose his assets. Justice NJ Jamadar, on August 7, sentenced Sheth to one month’s simple imprisonment and imposed a fine of Rs…
Mumbai's Bombay High Court has found stockbroker Pallav Sheth, 70, guilty of contempt of court for hiding bank accounts and financial dealings, despite being ordered to disclose all his assets. On August 7, Justice NJ Jamadar sentenced Sheth to one month in jail and fined him Rs 2,000. The court also reopened his public examination and allowed the Official Assignee to pursue recovery of his undisclosed assets.
Canbank Financial Services Ltd, a creditor with a decree against Sheth, filed the petition that led to the court proceedings. In 2024, Canbank learned Sheth was engaging in financial transactions through undisclosed accounts at ICICI Bank, Model Co-operative Bank, and HDFC Bank. Sheth's explanations for not disclosing these accounts changed repeatedly, indicating an intent to manipulate his defense to his advantage.
The court rejected Sheth's claims that certain transactions were loans from a neighbor and that he had not done any trade or business for 30 years. The filing of false affidavits during the contempt proceedings was also deemed to have worsened the situation.
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