Delhi HC directs PMC Bank to file status report on asset sale of HDIL promoters
4 years, 7 months ago

Delhi HC directs PMC Bank to file status report on asset sale of HDIL promoters

Live Mint  

NEW DELHI: The Delhi high court has directed the administrator of Punjab and Maharashtra Co-operative Bank Limited to file a status report on the asset sale of promoters of Housing Development and Infrastructure. The order comes on a plea seeking directions to the Reserve Bank of India to issue a statement on timeliness and safety of deposits held by depositors of PMC Bank. The court has also directed the Ministry of Finance to will file an affidavit indicating whether it intends to infuse funds to render financial support to Punjab & Maharashtra Co-operative Bank Ltd. The status report and affidavit have to be filed within the next four weeks, with copies marked to main petitioner as well as other counsels who appear on behalf of RBI, PMC Bank.

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History of this topic

Status Report Submitted In Criminal Proceeding Can Have No Bearing While Deciding Application U/S 7 Of IBC: NCLAT
2 weeks, 2 days ago

Status Report Submitted In Criminal Proceeding Can Have No Bearing While Deciding Application U/S 7 Of IBC: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Arun Baroka has held that Status Report submitted in a criminal proceeding regarding allegations of fraud and forgery can have no bearing while deciding Section 7 Application. Per contra, the respondent submitted that the debt and default being fully proved, Section 7 Application ought to have been admitted, which …

DRT issues summons to Wadhawans for recovery of ₹846.63-crore bank loan
4 months, 3 weeks ago

DRT issues summons to Wadhawans for recovery of ₹846.63-crore bank loan

Hindustan Times  

MUMBAI: The Debt Recovery Tribunal, a quasi-judicial body that helps banks and financial institutions recover loans from customers, has issued a public summons to Housing Development and Infrastructure Ltd promoters Rakeshkumar Wadhawan and his son Sarang, in connection with the proceedings initiated by Bank of India for recovery of an outstanding loan amount of ₹846.63 crore from their group firm, …

Information Triggering Reassessment Proceedings Needs To Be Furnished To The Assessee: Delhi High Court
1 year, 11 months ago

Information Triggering Reassessment Proceedings Needs To Be Furnished To The Assessee: Delhi High Court

Live Law  

The Delhi High Court has held that the underlying information or material that formed the basis for triggering the assessment or reassessment proceedings was required to be furnished to the assessee.The division bench of Justice Rajiv Shakdher and Justice Tara Vitasta Ganju has noted that the petitioner has indicated that it will file a further response once the information or …

Delhi HC Modifies Format Of Assets, Income And Expenditure To Be Filed By Parties To A Matrimonial Litigation [Read Judgment]
4 years, 5 months ago

Delhi HC Modifies Format Of Assets, Income And Expenditure To Be Filed By Parties To A Matrimonial Litigation [Read Judgment]

Live Law  

The Delhi High Court on Thursday modified the format of assets, income and expenditure that has to be filed by both the parties, at the very threshold of matrimonial litigation. In pending maintenance cases, if the parties have not already filed the affidavit of their assets, income and expenditure, the Court shall direct the parties to file their affidavit. If …

Delhi HC Issues Notice In Plea Seeking Direction To PMC Bank To Allow Its Depositors To Withdraw Upto ₹5 Lacs In Light of COVID19
4 years, 5 months ago

Delhi HC Issues Notice In Plea Seeking Direction To PMC Bank To Allow Its Depositors To Withdraw Upto ₹5 Lacs In Light of COVID19

Live Law  

Delhi High Court has issued notice in a plea seeking a direction to be issued to the Punjab & Maharashtra Cooperative Bank to allow its depositors to withdraw upto ₹5 lacs in light of medical emergencies caused by COVID19The Division Bench of Chief Justice DN Patel and Justice Prateek Jalan has issued notices to the PMC Bank, Reserve Bank of …

Delhi HC Directs RBI To Consider The Difficulties Faced By Depositors Due To Moratorium On Withdrawal From PMC Bank [Read Order]
4 years, 7 months ago

Delhi HC Directs RBI To Consider The Difficulties Faced By Depositors Due To Moratorium On Withdrawal From PMC Bank [Read Order]

Live Law  

Delhi High Court has directed the Reserve Bank of India and the Central Government to appreciate the difficulties faced by the senior citizens with respect to moratorium on withdrawal from Punjab & Maharashtra Bank and decide the same in accordance with law, rules, regulations and government policy. The order has come in a PIL filed by Bejon Kumar Mishra highlighting …

Property Acquired Prior To Commission Of Criminal Activity Cannot Be Attached Under PMLA: Punjab & Haryana HC [Read Judgment]
4 years, 9 months ago

Property Acquired Prior To Commission Of Criminal Activity Cannot Be Attached Under PMLA: Punjab & Haryana HC [Read Judgment]

Live Law  

In a case regarding the attachment of property under the Prevention of Money Laundering Act, 2002, the High Court of Punjab & Haryana held that property acquired prior to the commission of criminal activity or the introduction of PMLA cannot be attached unless property obtained or acquired from scheduled offence is held or taken outside the country. As per the …

PMC Bank scam: SC stays Bombay HC order directing sale of HDIL assets to repay dues
4 years, 11 months ago

PMC Bank scam: SC stays Bombay HC order directing sale of HDIL assets to repay dues

India TV News  

The Supreme Court on Friday stayed the Bombay High Court order directing sale of bankrupt Housing Development and Infrastructure Ltd to ensure repayment of dues of crisis-hit Punjab and Maharashtra Cooperative Bank. A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the appeal of the Reserve Bank of India against …

PMC Bank scam: Depositors detained for holding protest at HDIL promoters' residence
4 years, 11 months ago

PMC Bank scam: Depositors detained for holding protest at HDIL promoters' residence

India TV News  

Around a dozen depositors of the scam-hit Punjab and Maharashtra Cooperative Bank were detained on Sunday for allegedly trying to stage a protest outside the Khar residence of HDIL promoters Rakesh Wadhawan and his son Sarang, who are accused in the bank fraud case, police said. "Around 12 depositors of the PMC Bank were detained as they tried to hold …

PMC Bank scam: SC stays HC order allowing shifting of HDIL promoters from jail to their residence
4 years, 11 months ago

PMC Bank scam: SC stays HC order allowing shifting of HDIL promoters from jail to their residence

India TV News  

The Supreme Court Thursday partially stayed the Bombay High Court order allowing shifting of HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, accused in the multi-crore Punjab & Maharashtra Cooperative Bank scam, from Mumbai's Arthur Road Jail to their residence. The law officer said the other aspects of the high court order such as sale of assets of the accused promoters …

PMC Bank scam: SC stays Bombay High Court order allowing shifting of HDIL promoters from jail to residence
4 years, 11 months ago

PMC Bank scam: SC stays Bombay High Court order allowing shifting of HDIL promoters from jail to residence

Firstpost  

New Delhi: The Supreme Court on Thursday partially stayed the Bombay High Court order allowing shifting of HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, accused in the multi-crore Punjab & Maharashtra Cooperative Bank scam case, from Mumbai’s Arthur Road Jail to their residence. ED says need continued custody of HDIL promoters, relief given by HC will hurt the probe pic.twitter.com/ilVSm9DXAO …

PMC Bank scam: Bombay High Court sets up panel for sale of HDIL assets; next date of hearing on 30 April
4 years, 11 months ago

PMC Bank scam: Bombay High Court sets up panel for sale of HDIL assets; next date of hearing on 30 April

Firstpost  

Mumbai: The Bombay High Court set up a three-member committee on Wednesday for valuation and sale of encumbered assets of Housing Development and Infrastructure Ltd to expeditiously recover dues payable by the firm to crisis-hit Punjab & Maharashtra Cooperative Bank. The court said the committee shall first value and sell the encumbered properties of HDIL and if there is any …

PMC Bank Crisis: Bombay HC Allows Auction Of HDIL Assets
4 years, 11 months ago

PMC Bank Crisis: Bombay HC Allows Auction Of HDIL Assets

Live Law  

In a huge relief for the account holders of crisis-hit Punjab and Maharashtra Co-operative Bank, the Bombay High Court on Wednesday allowed a public interest litigation filed by one Sarosh Damania seeking auction of all Housing Development and Infrastructure Limited assets either mortgaged with the bank or attached by the Economic Offences Wing, Mumbai. In an affidavit in another PIL …

Bombay HC Reserves Order In PIL Seeking Expeditious Sale Of HDIL Assets In Order To Pay Back PMC Bank Depositors [Read Petition]
5 years ago

Bombay HC Reserves Order In PIL Seeking Expeditious Sale Of HDIL Assets In Order To Pay Back PMC Bank Depositors [Read Petition]

Live Law  

The Bombay High Court on Thursday reserved its order in a Public Interest Litigation filed by Advocate Sarosh Damania seeking public auction of all Housing Development and Infrastructure Limited assets either mortgaged with the crisis-hit Punjab and Maharashtra Co-operative Bank or attached by the Economic Offences Wing, Mumbai. HDIL's counsel Vikram Chaudhari told the Court that the total value of …

PMC Bank Crisis: Bombay HC Dismisses Petitions Challenging Withdrawal Restrictions Imposed By RBI
5 years, 1 month ago

PMC Bank Crisis: Bombay HC Dismisses Petitions Challenging Withdrawal Restrictions Imposed By RBI

Live Law  

In a major setback for the aggrieved depositors of Punjab and Maharashtra Co-operative bank, the Bombay High Court on Thursday dismissed a batch of petitions filed by depositors challenging Reserve Bank of India's decision to impose limits on withdrawal of funds from the crisis hit bank. However, state minister Jayant Patil today told reporters that State government has suggested merger …

PMC Bank crisis: HC junks PMC Bank depositors' plea for lifting of restrictions
5 years, 1 month ago

PMC Bank crisis: HC junks PMC Bank depositors' plea for lifting of restrictions

India TV News  

The Bombay High Court on Thursday dismissed pleas of the depositors of the crisis-hit Punjab and Maharashtra Cooperative Bank, seeking lifting of restrictions imposed by the Reserve Bank of India on cash withdrawals. On September 23, the RBI had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities. The Mumbai police's Economic Offences Wing, which …

PMC Bank scam: Distressed depositors hold day-long protest at RBI office in Delhi
5 years, 1 month ago

PMC Bank scam: Distressed depositors hold day-long protest at RBI office in Delhi

Firstpost  

Distressed depositors of scam-hit PMC Bank on Wednesday held a day-long protect outside the RBI office here, demanding their “hard-earned” money be returned at the earliest New Delhi: Distressed depositors of scam-hit PMC Bank on Wednesday held a day-long protect outside the RBI office here, demanding their “hard-earned” money be returned at the earliest. Delhi resident Rajinder Singh, who says …

RBI affidavit details how it was ’cheated’ by scam-hit PMC Bank
5 years, 1 month ago

RBI affidavit details how it was ’cheated’ by scam-hit PMC Bank

Live Mint  

In a detailed affidavit filed before the Bombay High Court on Tuesday, the Reserve Bank of India has virtually admitted that it was 'cheated' by the management of the scam-hit Punjab & Maharashtra Cooperative Bank. The affidavit, filed by Rajlaxmi Sethi, Assistant General Manager, Department of Co-operative Bank Supervision, RBI, states that PMC Bank had submitted fraudulently manipulated data to …

PMC Bank Falsified Records, Treated NPA Accounts As Non-NPA; RBI Tells Bombay HC, Court Refuses To Interfere With Withdrawal Restrictions
5 years, 1 month ago

PMC Bank Falsified Records, Treated NPA Accounts As Non-NPA; RBI Tells Bombay HC, Court Refuses To Interfere With Withdrawal Restrictions

Live Law  

As hundreds of aggrieved depositors of the Punjab and Maharashtra Co-operative Bank protested outside the Bombay High Court, Reserve Bank of India on Tuesday filed a detailed affidavit listing out the reasons why the financial irregularities at Punjab and Maharashtra Co-operative Bank were not detected earlier by the Central Bank and steps being taken to ease the financial stress that …

PMC Bank scam: Court extends HDIL promoters Rakesh Wadhawan, son Sarang's ED custody till 24 October
5 years, 2 months ago

PMC Bank scam: Court extends HDIL promoters Rakesh Wadhawan, son Sarang's ED custody till 24 October

Firstpost  

A Mumbai court on Tuesday extended the ED custody of HDIL promoters Rakesh Wadhawan and his son Sarang Wadhawan, arrested in connection with Rs 4,355 crore Punjab and Maharashtra Cooperative Bank scam, till 24 October A Mumbai court on Tuesday extended the ED custody of HDIL promoters Rakesh Wadhawan and his son Sarang Wadhawan, arrested in connection with Rs 4,355 …

PMC Bank Crisis: Former chairman, HDIL directors sent to police custody till October 16
5 years, 2 months ago

PMC Bank Crisis: Former chairman, HDIL directors sent to police custody till October 16

India TV News  

Mumbai's Esplanade court on Monday extended the police custody of former PMC Bank chairman and Housing Development and Infrastructure Limited directors, till October 16. HDIL directors Rakesh Wadhawan and Sarang Wadhwan's police custody was extended again along with former PMC Bank chairman Waryam Singh by Mumbai's Esplanade court. The defence counsel also mentioned that a list of all the properties …

80% of PMC customers will get money back: Amit Shah
5 years, 2 months ago

80% of PMC customers will get money back: Amit Shah

India Today  

Around 80 per cent of Punjab & Maharashtra Co-operative Bank's customers will likely get all their money back once legal proceedings are over, Home Minister Amit Shah said, as he sought to assuage concerns over the scandal-hit bank's ability to pay its depositors. Speaking to India Today TV, Amit Shah said, "As far as PMC scam is concerned, only legal …

PMC bank case: ED seizes bungalow near Mumbai
5 years, 2 months ago

PMC bank case: ED seizes bungalow near Mumbai

India TV News  

The Enforcement Directorate on Thursday sealed an about 5-acre bungalow of a HDIL promoter near Mumbai in connection with its money laundering probe in the Punjab and Maharashtra Co-operative bank case, officials said. The ED is probing alleged financial irregularities under the Prevention of Money Laundering Act after it filed a criminal case recently. It had seized Rs 60 crore …

PMC Bank case: HDIL directors remanded in police custody till October 9
5 years, 3 months ago

PMC Bank case: HDIL directors remanded in police custody till October 9

Hindustan Times  

Housing Development Infrastructure Limited’s directors Rakesh Kumar Wadhawan and his son Sarang Wadhawan played “active roles in commission of offence” and “appear to be real players of the functioning of all group companies”, stated the Economic Offences Wing before a court on Friday while seeking police custody for the Wadhawans. Arrested for their involvement in the Punjab and Maharashtra Co-operative …

PMC Bank crisis: Mumbai police arrest HDIL's Rakesh Wadhawan, son Sarang; realty firm's assets worth Rs 3,500 cr attached
5 years, 3 months ago

PMC Bank crisis: Mumbai police arrest HDIL's Rakesh Wadhawan, son Sarang; realty firm's assets worth Rs 3,500 cr attached

Firstpost  

On 30 September, the Mumbai Police had filed a case against the former bank management and promoters of HDIL in the Punjab and Maharashtra Cooperative Bank case. The Economic Offences Wing of the Mumbai Police arrested realty firm HDIL’s Rakesh Kumar Wadhawan and his son Sarang Wadhawan, in connection with the Punjab and Maharashtra Cooperative Bank loan case, said a …

PMC Bank case: ICAI to check role of auditors; seeks information from RBI, other authorities on lender's crisis
5 years, 3 months ago

PMC Bank case: ICAI to check role of auditors; seeks information from RBI, other authorities on lender's crisis

Firstpost  

In a statement, ICAI said it has sought requisite details of their findings as well as that of any “member/firm alleged to be involved in the matter. New Delhi: Chartered accountants’ apex body ICAI has sought information from the RBI and other authorities on the PMC Bank crisis to check whether any auditor was involved in the alleged financial irregularities …

PMC Bank crisis: CEO, MD of HDIL arrested, property worth Rs 3500 crore frozen
5 years, 3 months ago

PMC Bank crisis: CEO, MD of HDIL arrested, property worth Rs 3500 crore frozen

India Today  

Rakesh Kumar Wadhawan and Sarang Wadhawan of the HDIL have been arrested in connection with alleged financial irregularities at the company. PMC’s exposure to HDIL group is nearly 73 per cent of its total loan book size of Rs 8,880 crore as of September 19, 2019. In an alleged confession letter to the RBI, the bank's suspended managing director Joy …

PMC bank crisis: ICAI seeks information from RBI to check role of auditors
5 years, 3 months ago

PMC bank crisis: ICAI seeks information from RBI to check role of auditors

India TV News  

Chartered accountants' apex body ICAI has sought information from the RBI and other authorities on the PMC Bank crisis to check whether any auditor was involved in the alleged financial irregularities at the lender. Taking note of the "enormity of the matter", the ICAI on Wednesday said it has triggered its disciplinary mechanism and has written to the bank as …

PMC Bank crisis: HDIL says loans taken after giving 'adequate security' cover; willing to discuss with bank to protect depositors' interest
5 years, 3 months ago

PMC Bank crisis: HDIL says loans taken after giving 'adequate security' cover; willing to discuss with bank to protect depositors' interest

Firstpost  

Crisis-hit HDIL on Tuesday said that loans taken from banks including Punjab and Maharashtra Cooperative Bank were in normal course of business after providing adequate security cover and that it is ready to discuss with the bank to protect the interest of depositors New Delhi: Crisis-hit HDIL on Tuesday said that loans taken from banks including Punjab and Maharashtra Cooperative …

PMC bank crisis: Govt issues lookout circular against HDIL MD, director
5 years, 3 months ago

PMC bank crisis: Govt issues lookout circular against HDIL MD, director

India Today  

The government has issued a lookout circular against two directors of realty firm HDIL after preliminary findings allegedly revealed financial irregularities at the company, according to a senior official. The official told PTI that the circular has been issued against the company's Managing Director Sarang Wadhawan and Whole Time Director Rakesh Kumar Wadhawan. In an alleged confession letter to the …

PMC Bank crisis: MD's letter reveals how 21,049 dummy accounts were created to hide HDIL NPAs
5 years, 3 months ago

PMC Bank crisis: MD's letter reveals how 21,049 dummy accounts were created to hide HDIL NPAs

India Today  

At least 21,049 dummy accounts were used by the Punjab and Maharashtra Co-operative Bank to hide accumulated non-performing assets of realty firm Housing Development and Infrastructure Limited, revealed suspended PMC bank managing director Joy Thomas's letter. His confession letter to RBI also revealed that the bank's exposure to bankrupt HDIL has been pegged at Rs 6,500 crore, which is 73 …

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