<p>The Delhi High Court has directed the Ministry of Finance, Central Government to disclose if it intends to infuse funds to render financial support to Punjab & Maharashtra Co-operative Bank Ltd (PMC Bank). <em>(Sandeep Bhalla vs RBI)</em></p>.<p>The order was passed by a single Judge Bench of Justice <strong>Rajiv Shakdher</strong> in a plea seeking a direction to Reserve Bank of India (RBI) to issue a statement on timeliness and safety of deposits held by the depositors with the PMC Bank.</p>.<p>The plea by one of the depositors, Sandeep Bhalla further prayed for a direction to ensure payments to the depositors along with interest.</p>.<p>Direction was also sought to allow depositors, particularly senior citizens to withdraw amounts up to the interest on their deposits for their sustenance.</p>.<p>The plea forms part of a petition concerning the fate of the deposits made with the PMC Bank. </p>.<p>After hearing the parties concerned, the Court opined that for the moment, certain directions were required to be issued. </p>.<p>The Court directed the Administrator of PMC Bank to file a status report, indicating whether or not the sale of assets of the promoter-directors of HDIL, Rakesh Wadhawan and Sarang Wadhawan, has taken place.</p>.<p><em>In case, the sale of assets has taken place, the status report will, inter alia, indicate the amount that has been garnered and the assets sold,</em> the Court said.</p>.<p>In the status report, the Court has also asked for the details of the assets which have not been sold. </p>.<p>"<em>The market value and the realizable value will be set out in the status report. Status report will indicate as to the steps taken for the sale of these assets</em>.", it said. </p>.<p>The Court further directed the Ministry of Finance, Central Government to file an affidavit, stating whether it intends to infuse funds to render financial support to respondent PMC Bank. </p>.<p>This direction was issued in the context of an argument raised by Bhalla that recently, the Central Government had infused funds in a private bank i.e. Yes Bank.</p>.<p>The Court has sought the status report and affidavit within the next four weeks. </p>.<p>The matter would be heard next on June 25.</p>.<p>Senior Advocate <strong>Jayant Bhushan</strong> with Advocates <strong>HS Parihar, Kuldeep Parihar</strong> appeared for RBI.</p>.<p>Central Government was represented by Standing Counsel<strong> Jasmeet Singh</strong>.</p>.<p><em>Read the order:</em></p>
<p>The Delhi High Court has directed the Ministry of Finance, Central Government to disclose if it intends to infuse funds to render financial support to Punjab & Maharashtra Co-operative Bank Ltd (PMC Bank). <em>(Sandeep Bhalla vs RBI)</em></p>.<p>The order was passed by a single Judge Bench of Justice <strong>Rajiv Shakdher</strong> in a plea seeking a direction to Reserve Bank of India (RBI) to issue a statement on timeliness and safety of deposits held by the depositors with the PMC Bank.</p>.<p>The plea by one of the depositors, Sandeep Bhalla further prayed for a direction to ensure payments to the depositors along with interest.</p>.<p>Direction was also sought to allow depositors, particularly senior citizens to withdraw amounts up to the interest on their deposits for their sustenance.</p>.<p>The plea forms part of a petition concerning the fate of the deposits made with the PMC Bank. </p>.<p>After hearing the parties concerned, the Court opined that for the moment, certain directions were required to be issued. </p>.<p>The Court directed the Administrator of PMC Bank to file a status report, indicating whether or not the sale of assets of the promoter-directors of HDIL, Rakesh Wadhawan and Sarang Wadhawan, has taken place.</p>.<p><em>In case, the sale of assets has taken place, the status report will, inter alia, indicate the amount that has been garnered and the assets sold,</em> the Court said.</p>.<p>In the status report, the Court has also asked for the details of the assets which have not been sold. </p>.<p>"<em>The market value and the realizable value will be set out in the status report. Status report will indicate as to the steps taken for the sale of these assets</em>.", it said. </p>.<p>The Court further directed the Ministry of Finance, Central Government to file an affidavit, stating whether it intends to infuse funds to render financial support to respondent PMC Bank. </p>.<p>This direction was issued in the context of an argument raised by Bhalla that recently, the Central Government had infused funds in a private bank i.e. Yes Bank.</p>.<p>The Court has sought the status report and affidavit within the next four weeks. </p>.<p>The matter would be heard next on June 25.</p>.<p>Senior Advocate <strong>Jayant Bhushan</strong> with Advocates <strong>HS Parihar, Kuldeep Parihar</strong> appeared for RBI.</p>.<p>Central Government was represented by Standing Counsel<strong> Jasmeet Singh</strong>.</p>.<p><em>Read the order:</em></p>