The Supreme Court on Friday stayed the Bombay High Court order directing it to sell the assets of HDIL to pay the dues of the struggling Punjab and Maharashtra Co-operative (PMC) bank. A bench of Justices SA Bobde, Justice BR Gawai and Justice Suryakant passed this interim order considering the petition challenging the High Court by the Reserve Bank of India (RBI). Along with this, the bench has issued notice to other defendants including Sarosh Damania. It is to be known that Damania had approached the Bombay High Court to ensure the dues of the PMC bank account holders. Before that the High Court had constituted a three-member committee to assess and sell the assets of HDIL.
The RBI says that the banking sector regulator was not made a party in the public interest litigation which the High Court had passed this order. The High Court passed the order without hearing the RBI's side. The RBI had taken several steps to revive PMC Bank but these things were not brought to the notice of the court. Apart from this, the RBI has requested the High Court to stop this decision. This is the case that the scam is more than 6500 crores. Apart from this, it was revealed earlier that the scam is worth Rs 4,355 crore.
For your information, let us tell you that a source in the case said, 'It is surprising that only two-thirds of the total loan disbursed by the bank was given to only one company. He said that maybe the bank has been doing fraud since 2008. For the last 10 years, the bank had opened many dummy accounts to get money to housing company HDIL. Bank chairman Varyam Singh was on the board of HDIL. The amount of loan lent by HDIL to HDIL as a related party transaction was not disclosed, which is against the rules.
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