New Delhi, The Supreme Court on Thursday partially stayed the Bombay High Court order allowing HDIL promoters and Rs 7,000 crore Punjab and Maharashtra Cooperative (PMC) bank scam main accused Rakesh and Sarang Wadhawan to be shifted from Arthur Road jail to their residence with guards posted at the residence.
A bench, headed by S A Bobde, said, "We stay the Bombay High Court order in connection with PMC bank scam case involving accused duo -- Rakesh And Sarang Wadhawan."
The Union government approached the Apex Court seeking urgent stay on the Bombay High Court order allowing accused Rakesh and Sarang Wadhawan to be shifted from Arthur Road prison to their residences with the jail posting two guards at their residence.
Solicitor General (SG) Tushar Mehta appeared for the Centre and sought an urgent hearing into the case, stating that the Bombay High Court had "unreasonably" passed the order, and thereby the SC should hear the matter on an urgent manner into the entire case.
Mr Mehta said the other aspect of the High Court order such as the sale of assets of the accused promoters under the supervision of High Court-appointed committee should be allowed to remain operative and the sole objection was with regard to their release from Arthur road jail.
The Bombay High Court on Wednesday set up a three-member panel for evaluation and sale of encumbered assets of Housing Development and Infrastructure Ltd (HDIL) to expeditiously recover dues payable by the firm to the Punjab & Maharashtra Cooperative (PMC) bank.
It also directed to shift HDIL promoters Rakesh and Sarang Wadhawan-the father-son duo accused in crisis-hit PMC Bank-from Arthur Road jail to their residence in suburban Bandra.