The Supreme Court on Thursday granted interim stay on Bombay HC order releasing the two accused— HDIL Promoters Rakesh Wadhawan and Sarang Wadhawan — in the PMC scam who were yesterday directed to be lodged at their residence by the high court.

Earlier, the Solicitor General (SG) Tushar Mehta today mentioned the matter before the Supreme Court against Bombay HC order directing shifting of HDIL Promoters Rakesh Wadhawan and Sarang Wadhawan to their home under supervision of two jail guards to ensure their cooperation with committee.

Yesterday, a Bombay HC bench comprising Justices Ranjit More and S P Tavade had set up a three-member committee headed by retired High Court Judge, S Radhakrishnan for valuation and sale of all assets of the defaulting company, Housing Development and Infrastructure Limited (HDIL) which were mortgaged with the Punjab and Maharashtra Cooperative Bank (PMC) and submit the progress report before the next hearing listed on April 30.

“We are conscious of the plight of lakhs of depositors who have deposited their hard-earned money and life savings in the PMC Bank. The respondents (Rakesh and Sarang Wadhawan) are instrumental for the huge fraud perpetuated by them through HDIL and other companies,” the court said in its order.

The directions came on the PIL filed by Sarosh Damania before Bombay HC seeking auction of all Housing Development and Infrastructure Limited (HDIL) assets either mortgaged with the bank or attached by the Economic Offences Wing, Mumbai.

Damania in his petition said normal court proceedings will take years to refund the dues of depositors, therefore directions were required for the speedy disposal of attached assets and properties.

—India Legal Bureau