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PMC Bank Stakeholders Move Bombay HC Against ED Officials, Prosecutor For Wadhawan Brothers’ Bail In Yes Bank Case

Representing the petitioners, advocate Subhash Jha alleged that ED officials “waited till the eleventh hour” and “deliberately delayed filing the charge sheet”

Oct 7, 2020 / 12:18 PM IST

Stakeholders in Punjab and Maharashtra Cooperative (PMC) Bank have moved Bombay High Court (HC) seeking action against officials whose inaction enabled the bail of DHFL promoters – brothers Kapil and Dheeraj Wadhawan, to get bail in the Yes Bank fraud case.

Around 20,000 depositors and shareholders – members of the PMC Bank Shares/Account Holders Forum – in their petition alleged delay in filing of charge sheet against the Wadhawans and “not proper” presentation of the case by Enforcement Directorate (ED) officials, Mumbai Mirror reported.

Notably, the Wadhawan brothers are not entangled in the PMC case, but their close relatives Rakesh and Sarang Wadhawan of HDIL are.

Petitioners however claim the brothers’ bail “shocked and impacted… the public at large”. The forum had earlier also filed a petition seeking to recall the DHFL Wadhawans’ bail order.

They cited a 1999 HC judgement on dubious methods to seek contempt proceedings against ED officials and the case prosecutor, the report said.

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Representing the petitioners, advocate Subhash Jha alleged that ED officials “waited till the eleventh hour” and “deliberately delayed filing the charge sheet”.

“This is nothing but sheer inefficiency and/or incompetency of the prosecution or some foul play so that timing remains under cloud so that accused can take advantage,” the petition alleges.

The Bombay High Court on August 20 granted bail to Kapil and Dheeraj Wadhawan in the Yes Bank case, as the ED could not file charge sheet in the stipulated 60 days’ time. The Wadhawans were granted bail on condition of Rs 1 lakh cash bail and deposit of their passports.

The brothers, however, will remain in jail as they have also been booked by the Central Bureau of Investigation (CBI) in the same case.

The ED filed its charge sheet on July 15 against the Wadhawans, Yes Bank founder Rana Kapoor, his wife Bindu Kapoor, daughters Roshni and Rekha, and their chartered accountant firm Dularesh K Jain and Associate.
Moneycontrol News
first published: Oct 7, 2020 12:18 pm

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