SC seeks ED's response in M3M directors' plea challenging Punjab and Haryana HC order

Senior advocates representing Bansals argued that M3M is one of the largest real estate companies in India and it will fail if they continue to be in custody.

The Supreme Court on August 11 issued notice to the central government and the Enforcement Directorate (ED) in an appeal filed by the directors of real estate giant M3M, Pankaj Bansal and Basant Bansal seeking to set aside the order of Punjab and Haryana High Court refusing to release them.

The Bansals were represented by senior advocates Mukul Rohatgi and Abhishek Manu Singhvi, who argued that M3M is one of the largest real estate companies in India and it will fail if they continue to be in custody.

They urged the court to consider the plight of thousands of people, who have sought to book homes in their projects. Senior advocate Tushar Mehta appeared for ED and sought three weeks to file a response.

The court has thus deferred the hearing of the case to September 6.

In July 2023, the Punjab and Haryana High Court refused to release Basant Bansal and Pankaj Bansal, after they were arrested on charges of money laundering in connection with a former CBI judge in Panchkula.

In June 2023, the ED took custody of Bansals. According to the anti-corruption bureau's FIR, it has been alleged that the judge was showing favouritism in the ED and CBI cases against the M3M group directors and another real estate group called IREO. The judge was later suspended by the Punjab and Haryana High Court.