The shares, purchased by Mr Mehta some years back, were seized by the Income Tax Department before they could be registered in his name, following the scam, Hero Honda director (finance) Ravi Sud said. At the current face value of Rs 2 each for a Hero Honda stock after the recent split of a Rs 10 stock into five shares in the ratio of 1:5, it would amount to six lakh shares worth about Rs 9 crore at an average market price of Rs 150 each.

"The shares have been sent for demat (conversion into electronic mode) by the custodian appointed by the Special Court," Mr Sud said. He said the company had kept in abeyance all the benefits accrued to these shares like bonus and dividends since 1996 as instructed by the custodian. He, however, said Hero Honda has no plans to buyback the shares if they are offloaded in the market. Mr Mehta also owns 4 per cent Hero Honda shares worth Rs 128 crore, which are registered in his and his family members' name but were also seized by the Special Court after the 1992 scam.

"About 16 lakh shares with a face value of Rs 10 each (80 lakh shares of Rs two each after the stock split) registered in the name of Mehta, his wife and others have been seized," Mr Sud said.

(PTI)