38.6c New Delhi, India, Tuesday, August 05, 2025
Top Stories Supreme Court
Political NEWS Legislative Corner Celebstreet International Videos
Subscribe Contact Us
close
Judiciary

PMC Bank Fraud Update: SC Stays Bombay HCS Order

By LawStreet News Network      16 January, 2020 05:01 PM      0 Comments
PMC Bank Fraud Update: SC Stays Bombay HCS 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 Mumbais 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 judicial custody and if that they are moved to their residence according to the High Court's order, it would be like bail to them. 

The scam at PMC Bank was exposed in September, a year ago after the Reserve Bank of India (RBI) found that the bank had supposedly made fake accounts to stow away over Rs 4,355 crores of loans extended to a nearly bankrupt HDIL.

Author: Swetalana Rout



Share this article:

User Avatar
About:


Leave a feedback about this
TRENDING NEWS

sc-sets-aside-order-declaring-man-as-juvenile-on-basis-of-school-certificate
Trending Judiciary
SC sets aside order declaring man as juvenile on basis of school certificate [Read Judgment]

SC: School certificate from private school not valid proof of age, sets aside order declaring murder accused as juvenile.

04 August, 2025 11:24 AM
sc-grants-4-weeks-time-to-centre-to-frame-guidelines
Trending Judiciary
SC grants 4 weeks time to Centre to frame guidelines to ensure pedestrians right to use footpath

SC gives Centre 4 weeks to frame guidelines ensuring pedestrians’ right to obstruction-free, accessible footpaths under Article 21.

04 August, 2025 11:41 AM

TOP STORIES

a-new-dawn-in-indias-criminal-justice-system-replacing-colonial-shackles-with-indigenous-legal-reforms
Trending Vantage Points
A New Dawn in India’s Criminal Justice System: Replacing Colonial Shackles with Indigenous Legal Reforms

This research paper examines India’s transition from IPC, CrPC, and IEA to BNS, BNSS, and BSA, emphasizing victim-centric and technology-driven justice reforms.

30 July, 2025 12:41 PM
your-conduct-does-not-inspire-confidence-sc-reserves-judgment-on-justice-yashwant-varmas-plea
Trending Judiciary
‘Your Conduct Does Not Inspire Confidence’: SC Reserves Judgment on Justice Yashwant Varma’s Plea

CJI can recommend removal of a judge in cases of grave misconduct, SC says; clarifies CJI isn’t a mere post office & Parliament has final say.

30 July, 2025 04:14 PM
cricket-stadium-would-be-required-sc-slams-tn-govt-again-for-roping-2000-accused-500-witnesses
Trending Judiciary
'Cricket stadium would be required,' SC slams TN govt again for roping 2000 accused, 500 witnesses in trial against Senthil Balaji

SC slams TN govt for implicating 2,000 accused & 500 witnesses in Senthil Balaji cash-for-jobs case, says trial needs a cricket stadium to fit all.

30 July, 2025 05:20 PM
accident-on-way-to-office-and-return-to-be-covered-for-compensation-under-ec-act-sc
Trending Judiciary
Accident on way to office and return to be covered for compensation under EC Act: SC [Read Judgment]

SC: Accidents while commuting to and from work covered under Employees’ Compensation Act, 1923; ruling gives retrospective effect to benefit employees.

30 July, 2025 05:28 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email