Lawstreet Journal

PMC Bank Fraud Update: SC Stays Bombay HC’S Order

Lawstreet Journal 16 Jan 2020 10:31pm

Image courtesy: Lawstreet Journal Judiciary PMC Bank Fraud Update: SC Stays Bombay HC’S Order

The Supreme Court has stayed the Bombay High Court order today (January 16, 2020) permitting shifting of HDIL (Housing Development and Infrastructure Limited) advertisers Rakesh Wadhawan and Sarang Wadhawan, charged in the multi-crore Punjab and Maharashtra Cooperative (PMC) Bank scam case, from Mumbai’s Arthur Road Jail to their house. Apparently, the two directors owed Rs. 4635 crores to PMC Bank.

A Bench headed by Chief Justice S A Bobde and comprising judges B R Gavai and Surya Kant observed the submissions of Solicitor General Tushar Mehta that the High Court order to the degree of permitting their discharge from jail needed to be stayed.

The law official said that the other part of the high court order such as the one talking about the sale of assets of the accused promoters under the supervision of High Court appointed committee should be permitted to remain operative and the sole objection was with regard to their release from Arthur Road Jail. The Apex Court agreed with the submissions. 

Earlier, the court had consented to consider the request of enforcement offices against the High Court order to discharge them from prison and keeping them in their house under the steady watch of police guards.

Mehta referenced before the judges the fact that the PMC Bank scam included Rs 7000 crores and the High Court had on Wednesday passed an extremely ‘surprising request’ while hearing the Public Interest Litigation (PIL).

Mehta told the Coram of judges that the father-son duo are held up in Arthur Road Jail in… Continue Reading...

Tagged: PMC Bank  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0
New Members view all


C2RMTo Know More

Something Awesome Is In The Work









Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.

SAARTHTo Know More

Launching Soon : SAARTH, your complete client, case, practise & document management SAAS application with direct client chat feature.

If you want to know more give us a Call at :+91 98109 29455 or Mail