PMC Bank Crisis: ED moves SC challenging Bombay HC order granting relief to HDIL Promoters

The Supreme Court today agreed to hear the Enforcement Directorate's challenge to the Bombay High Court order granting relief to HDIL Promoters Rakesh and Sarag Wadhawan, accused in PMC Bank scam.

Solicitor General of India Tushar Mehta today mentioned the matter before the Bench of CJI SA Bobde and Justices BR Gavai and Surya Kant.

The Bombay High Court had yesterday appointed a three-member committee headed by retired High Court Judge, Justice S Radhakrishnan for the speedy disposal and auction of Housing Development and Infrastructure Limited (HDIL) assets and the distribution of such proceeds on priority to depositors of the crisis-hit Punjab and Maharashtra Cooperative Bank (PMC Bank).

Moreover, to ensure cooperation with the Committee, the Court also directed Rakesh and Sarang Wadhawan (the promoters of HDIL) to be shifted from Arthur Road jail to their Bandra residence, where they will be in the custody of two guards each until further orders.

The guards are to ensure that the respondents are not taken outside the jurisdiction of the High Court.

The Supreme Court has agreed to take up at the matter at 2pm today.