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Supreme Court stays Bombay High Court order directing sale of HDIL assets to repay dues of PMC bank

On Friday, the Supreme Court stayed the Bombay High Court’s order to sell the assets of HDIL, the accused firm of the PMC bank scam. It was appealed by RBI. RBI contended that the sale of HDIL’s assets would affect efforts to revive Punjab and Maharashtra Co-operative (PMC) Bank. Earlier, the Bombay High Court, while hearing a PIL, constituted a 3-member committee for the valuation and sale of HDIL’s assets. So that, HDIL can recover PMC Bank dues.

PMC hides HDIL’s Rs 4355 crore loan

The PIL appealed to the Economic Offenses Wing and the Enforcement Directorate (ED) to order the sale of the assets of HDIL which were attached to them so that PMC bank account holders could get their money as soon as possible. The PMC bank scam was revealed in September last year. PMC officials had opened several fake accounts to hide HDIL’s debt of Rs 4,355 crore.

ED (Enforcement Directorate) is also investigating the PMC scam

According to RBI, some officials of PMC Bank had disturbed the core banking system and hid the information of 44 accounts including HDIL. Only a few select bank employees could access these accounts. The Economic Offenses Wing and Enforcement Directorate (ED) of Mumbai Police had registered a case against senior bank officials and promoters of HDIL.

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