The Economic Offences Wing (EOW) of Mumbai police are conducting a search at the residence of Rajneet Singh, former director of Punjab and Maharashtra Cooperative (PMC) Bank. On Sunday, the Esplanade Court granted the Police his custody till 25 November, following which the EOW carried out...
On the very day that the Reserve Bank of India (RBI) has to file an affidavit in response to a notice by the Bombay High Court, the management of fraud-hit Punjab and Maharashtra Cooperative Bank (PMC Bank) has sent emails to staff depositors seeking a declaration that they will not withdraw...
The economic offences wing (EOW) of Mumbai police has arrested Jayesh Sanghani and Ketan Lakdawala, the two auditors who did the statutory audit of fraud-hit Punjab and Maharashtra Cooperative Bank (PMC Bank).    In a statement, the police says, "Jayesh Dhirajlal Sanghani and Ketan...

The administrator appointed to look after scam-hit Punjab and Maharashtra Cooperative Bank (PMC Bank) should initiate the process to auction assets seized under provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act, and,...
Inter-Creditor Agreements: Will Problems Worsen?   On 7th November 2019, the Business Standard reported that PMC Bank’s woes might worsen as urban co-operative banks have not been made part of inter-creditor agreements (ICA). This might lead to questions as to where PMC Bank stands...

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