PMC Bank Fraud: Bombay HC Reserves Order on PIL Seeking Disposal of HDIL Properties
Moneylife Digital Team 19 December 2019
The Bombay High Court on Thursday reserved its order on a public interest litigation (PIL) that was seeking disposal of properties belonging to defaulter Housing Development Infrastructure Ltd (HDIL). 
 
According to a tweet from Bar & Bench (@barandbench), the HC bench of Justice Ranjit More and Justice SP Tavade has reserved order in the PIL that was seeking disposal of properties of HDIL and distributing the proceeds among deposit holders of PMC Bank on priority basis. 
 
Sarang Wadhwan from HDIL requested the bench for his release and said, he has no objection if all encumbered properties are sold for recovery of monies payable to the PMC Bank, the tweet says.  
 
 
In the petition, Advocate Sarosh Damania had contended that "the properties of companies owned, controlled, promoted or managed by Wadhwans are already attached by the enforcement directorate (ED) and economic offences wing (EOW) of Mumbai police and if normal procedure as provided under the relevant rules and regulations is to be followed, it would take years together to repay the deposits of PMC Bank, and therefore in the interest of justice, the said properties must be auctioned under the supervision of the retired judge of this Court (Bombay HC) or the Supreme Court."
 
Earlier this month, the bench of Justice Ranjit More and Justice MS Karnik, had observed that the "concern raised in the PIL is indeed of serious nature. The depositors of PMC Bank are affected by the fraud committed in the banking system."
 
Last month, the ED had told the chief metropolitan magistrate that it has no objection for disposal of two private aeroplanes and a yacht worth around Rs200 crore that are owned by HDIL promoters Rakesh Kumar Wadhawan and Sarang Wadhawan. 
 
The Reserve Bank of India (RBI) appointed administrator had approached the court seeking sale of attached and mortgaged properties of HDIL and the Wadhawans for repaying proceeds to PMC Bank depositors.
 
Comments
Dharam Vir Narang
2 years ago
Court has reserved the order but it has not given the spesific date on which judgement will be given?
Nagaraju Bommanahalli
2 years ago
Court will not give judgement early,it will drag the case to several years, you ask central government or court how many people returned money from fraudessters till today, nothing even 10%will not received money, justice delay is common in India, judgement will be coming after deaths of common investors,Jai hind
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