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PMC Bank scam: SC stays release of HDIL directors Rakesh and Sarang Wadhawan

Supreme Court on Thursday stayed the release of HDIL directors, Rakesh Wadhawan and Sarang Wadhawan, from Mumbai jail. Earlier today, the Court had asked Solicitor General (SG) Tushar Mehta to come up with the diary number at 2 pm today, for listing the matter pertaining to his mentioning in the case.

India TV News Desk India TV News Desk
Mumbai Updated on: January 16, 2020 12:28 IST
PMC Bank scam: SC stays release of HDIL directors Rakesh and Sarang Wadhawan
Image Source : PTI

PMC Bank scam: SC stays release of HDIL directors Rakesh and Sarang Wadhawan 

Supreme Court on Thursday stayed the release of HDIL directors, Rakesh Wadhawan and Sarang Wadhawan, from Mumbai jail. Earlier today, the Court had asked Solicitor General (SG) Tushar Mehta to come up with the diary number at 2 pm today, for listing the matter pertaining to his mentioning in the case.

Solicitor General (SG) Tushar Mehta had mentioned the matter in the Supreme Court, seeking an urgent hearing against the Bombay HC order, which had released two accused on bail.

The Bombay High Court in its order had allowed the plea of HDIL directors, accused Rakesh Wadhawan and Sarang Wadhawan, and had ordered that they should be be shifted from Arthur Road prison to their residences with jail posting 2 guards at their residences.

A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the submissions of Solicitor General Tushar Mehta that the high court order to the extent of allowing their release from prison needed to be stayed.

The fraud at PMC Bank came to light in September last year after the Reserve Bank of India discovered that the bank had allegedly created fictitious accounts to hide over Rs 4,355 crore of loans extended to almost-bankrupt HDIL.

According to RBI, the PMC bank masked 44 problematic loan accounts, including those of HDIL, by tampering with its core banking system, and the accounts were accessible only to limited staff members. Mumbai Police's Economic Offences Wing and the ED registered offences against senior bank officials and HDIL promoters.

ALSO READ | PMC Bank scam: HC sets up panel for sale of HDIL assets

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