Insta
Logo of the Punjab & Maharashtra Cooperative Bank.
The Supreme Court on Thursday (16 January) stayed a Bombay High Court order that would have shifted the two main accused in the Punjab & Maharasthra Cooperative (PMC) bank scam, from Arthur Road jail to their residence to enable them to sale their assets.
Earlier in the day, a bench headed by Chief Justice S A Bobde and comprising Justices B R Gavai and Surya Kant agreed to hear the plea by Solicitor General Tushar Mehta against the High Court order.
The Enforcement Directorate had rushed to the apex court challenging the relief granted to PMC bank scam accused and HDIL directors.
The Bombay High Court had ordered for setting up a three-member committee to conduct the valuation and sale of encumbered assets of Housing Development and Infrastructure Ltd (HDIL) to recover the dues, which the firm was supposed to pay the crisis-hit Punjab & Maharashtra Cooperative (PMC) Bank.
The High Court had therefore allowed the father and son -- Rakesh and Sarang Wadhawan -- to be shifted to their house from jail under supervision of two jail guards and to ensure their cooperation with the committee.
Technically, the two accused would be under house arrest at their residence.
The High court observed, "We are conscious of the plight of lakhs of depositors who have deposited their hard earned money and life savings in the PMC Bank.
"The respondents (Rakesh and Sarang Wadhawan) are instrumental for the huge fraud perpetuated by them through HDIL and other companies."
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest