PMC Bank Case: HC says consider liquidating some of the Wadhawans’ assets

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The Delhi High Court has recommended that Punjab & Maharashtra Co-operative Bank’s (PMC Bank) administrators should consider liquidating at least some assets belonging to the Wadhawans.

The Administrator’s counsel said he will discuss the matter with PMC Bank.

The Delhi HC said once the assets are sold, the proceeds can be distributed among the depositors. The court will next hear the case on September 15.

An affidavit in relation to the matter will be filed before the next hearing, which will also mention any criminal proceedings initiated against the Wadhawans.

The Delhi HC was hearing a plea by petitioner Sandeep Bhalla and others seeking directions to the Reserve Bank of India (RBI) to release a statement on the safety of the deposits held in PMC Bank, and to ensure depositors get their money back.

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HDIL promoters Rakesh Wadhawan and Sarang Wadhawan are the main accused in the alleged Rs 4,335 crore PMC Bank scam. The lender currently has an exposure to HDIL due to loans granted to the company.

PMC Bank was placed under directions by the RBI in September 2019, and withdrawals have been capped at Rs 1 lakh till December 22, 2020.

The Enforcement Directorate and Economic Offences Wing of the Mumbai police are investigating the alleged scam.

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