The Supreme Court on September 4 deferred the hearing of an appeal filed by the directors of real estate giant M3M, Pankaj Bansal and Basant Bansal, to September 13. The plea seeks to set aside the order of Punjab and Haryana High Court refusing to release them.
Appearing for the Bansals, senior advocates Abhishek Manu Singhvi and Mukul Rohatgi pressed for an interim bail after informing the court that the Enforcement Directorate (ED) had filed the response to the plea only yesterday. The court, however, deferred the hearing of the case citing paucity of time.
On August 11, the lawyers 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 casefile:
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
