 on a petition filed by Sandeep Bhalla & other, over PMC Bank Fraud Case.){kind=link}
The Delhi High Court on Monday has sought the status report from Reserve Bank of India, Ministry of Finance and from the Administrator of PMC Bank (Punjab & Maharashtra Co-operative Bank Ltd.) on a petition filed by Sandeep Bhalla & other, over PMC Bank Fraud Case.
A single-judge bench of Justice Rajiv Rajiv Shakdher while hearing the petition observed that that following directions are required to be issued as under:
“Respondent No.5 [i.e. the Administrator] of respondent No.2 [i.e. Punjab & Maharashtra Co-operative Bank Ltd.] will file a status report. (i)(a) The status report will indicate as to whether or not the sale of assets of the promoter-directors of HDIL has taken place. In case, the sale of assets has taken place, the status report will, inter alia, indicate as to the amount that has been garnered and the assets sold. (i) (b) Furthermore, the status report will also give the details of the assets which have not been sold. The market value and the realizable value will be set out in the status report. Status report will indicate as to the steps taken for the sale of these assets.
The Union of India, Ministry of Finance, will file an affidavit indicating as to whether it intends infusing funds to render financial support to respondent No. 2 [i.e. Punjab & Maharashtra Co-operative Bank Ltd.]. This direction has been issued in the context of an argument raised by petitioner No.1 that, recently, respondent No.3 [i.e. UOI] had infused funds in a private bank i.e. Yes Bank.
The status report and affidavit will be filed within the next four weeks. Copies of the same will be furnished to petitioner no.1 as well as other counsels who appear on behalf of respondent No.1 [i.e. RBI], respondent no.2 [i.e. PMC Bank], and respondent No.5[i.e. the Administrator].”
The petitioners in the writ petition requested the Court to Direct the Respondent No. 1 (‘Reserve Bank of India’) to issue a statement on timeliness and safety of deposits held by the depositors with the PMC Bank and to ensure payments to ensure that the petitioners and depositors and paid their money in full along with interest and issue necessary instructions to allow the petitioners and depositors particularly senior citizens to withdraw amounts up to the interest on their deposits so as to enable them to make their living/ for subsistence.
The matter is adjourned for filing of status report by 25.06.2020.
Read the Order Here;
PMC-orderIndia Legal Bureau