SC stays release of HDIL directors Rakesh Wadhawan, Sarang in PMC Bank case

The Supreme Court on Thursday stayed the release of HDIL directors -- Rakesh Wadhawan and Sarang Wadhawan -- accused of siphoning of funds, in PMC Bank scam case.

The Bombay High Court had recently in its order had allowed both the Wadhawan's plea and ordered to be shifted from Arthur Road prison to their residences with the jail posting two guards at their residence.

Rakesh Wadhawan and Sarang Wadhawan are accused of siphoning of funds, in the PMC bank scam case.

Earlier, the Bombay High Court appointed a three-member committee headed by retired Judge S Radhakrishnan to expeditiously recover dues payable by Housing Development Infrastructure Limited (HDIL) to crisis-hit PMC Bank by valuation and sale of encumbered assets of HDIL.

On December 27 last year, the Economic Offences Wing (EOW) of the Mumbai Police had filed the first charge-sheet in the multi-crore PMC Bank scam in Esplanade Court.

The EOW had arrested 12 people in connection with the case, however, charge sheet of over 32,000 pages had been filed against the main accused HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, Waryam Singh, Joy Thomas, and Surjit Arora.

All the five accused were charged under sections 409, 406, 420, 467, 468,471, 477A and 201 of the Indian Penal Code.