›Bombay HC grants bail to three former directors of PMC Bank in Rs 4,300 cr scam case
Bombay HC grants bail to three former directors of PMC Bank in Rs 4,300 cr scam case
SECTIONS
Bombay HC grants bail to three former directors of PMC Bank in Rs 4,300 cr scam caseBy
Share
Synopsis
On Wednesday, Justice Prakash D Naik, while granting bail to Nandrajog, Bavisi and Bane in an oral order directed them to submit their passport to the court. However, the bail plea, filed by Dr Vishwanath Sridhar Prabhu, valuer for the bank, was rejected.
In September 2019, the Reserve Bank of India (RBI) had imposed restrictions on the fraud-hit multi-state urban cooperative bank, including on withdrawals by customers, following a scam.
PMC Bank scam: Bombay High Court grants bail to 3 former directors
While granting the bail to the directors Mukti Bavisi, Trupti Suhas Bane and Ranjeet Tara Singh Nandrajog, the court asked them to submit their passports to it.
BusinessToday.In | May 5, 2021 | Updated 21:05 IST
In September 2019, the RBI had imposed restrictions on the fraud-hit multi-state urban cooperative bank, including on withdrawals by customers, following a scam.
The Bombay High Court on Wednesday granted bail to three former directors of Punjab and Maharashtra Cooperative (PMC) Bank who were arrested in December 2019 in connection with an alleged scam of over Rs 4,300 crore at the bank.