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PMC scam: Wadhawans can't get out of jail for asset sale: SC
TIWN
PMC scam: Wadhawans can't get out of jail for asset sale: SC
PHOTO : TIWN

New Delhi, Jan 17 (TIWN) The Supreme Court on Thursday stayed a Bombay High Court order that would have shifted the two main accused in the Punjab & Maharasthra Cooperative (PMC) bank scam, from Arthur Road jail to their residence to enable them to sale their assets.

Solicitor General Tushar Mehta mentioned the matter before a bench headed by Chief Justice S A Bobde and said the Punjab and Maharashtra Cooperative (PMC) bank scam involved Rs 7000 crore and the high court had on Wednesday passed a very "unusual order" while hearing a public interest litigation (PIL).   Mehta told the bench, also comprising justices B R Gavai and Surya Kant, that the father-son are presently lodged under Arthur Road jail in judicial custody and if they are shifted to their residence as per the high court's order, it would be like bail to them.  The high court had on Wednesday set up a three-member committee for valuating and sale of encumbered assets of Housing Development and Infrastructure Limited (HDIL) to expeditiously recover dues payable by her firm to PMC bank.

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