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Hiten Dalal, eight others get seven years RI in Canfina case

Stockbroker Hiten Dalal, accused in the securities scam, has been sentenced to seven years rigorous imprisonment by Justice M S Rane of the special court on various charges related with the case of Canara Bank Financial Services.

Justice Rane also sentenced eight others -- A D Narrotam, C S Raje, S A Ali, K K Kapadia, M S Kuste, S M Ramaswamy, S Mohan -- to seven years rigorous imprisonment on various charges in the Canfina case. The case pertains to the Rs 3.64 billion loss incurred by the bank.

The special court acquitted three others including Bhupen Dalal, Tej Kumar Ruia and J P Gandhi because of lack of evidence.

Besides the seven years rigorous imprisonment, the court sentenced the accused concurrently for various charges of fraud and criminal conspiracy. However, the judge gave the convicts four weeks time to appeal in the apex court, if they so desire.

UNI

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