Court cancels interim bail for Rakesh Wadhawan, son

A metropolitan magistrate at city’s Esplanade court on Tuesday allowed the plea of the Economic Offence Wing (EOW) of Mumbai Police for cancellation of interim bail to HDIL promoter Rakesh Wadhawan and his son Sarang, who are accused in the multi-crore Punjab & Maharashtra Cooperative (PMC) Bank fraud case. In March, the Wadhawans had obtained interim bail from the magistrate court on the ground of Covid-19 outbreak.

Soon after the order, EOD sought a stay on the order and moved for cancellation of the bail. The court had immediately stayed order till further direction.special public prosecutor Ajay Missar said, the court after hearing the plea of the agency, cancelled the bail.

The prosecution argued while obtaining bail, the defence did not inform the agency.

Further, it was pointed out that as per the direction of the

high-power committee, the accused booked for economic offences are not eligible for interim bail. Rakesh and his son Sarang Wadhawan were arrested on October 3, last year by the Economic Offence Wing (EOW) of Mumbai Police in connection with PMC fraud case.

As per the prosecution case, the PMC bank granted loans to realty group HDIL without following the due process.

The principal loan amount of ₹2,400 crore snowballed into

₹6,670 crore because HDIL failed to repay multiple loans between 2008 and 2019.

Senior management of PMC Bank covered up these irregularities so as to avoid scrutiny by the Reserve Bank of India. EOW in their chargesheet claimed that Rakesh is the key accused of the fraud as the ‘patriarch’ of the HDIL’S business. He gradually plotted the fraud and obtained loans from the bank with the help of other accused, the agency alleged.

Cambridge International announced the results of its March 2020 exam series in India for IGCSE (Class 10) and International AS & A (Class 11 and 12). Mumbai schools did well with many getting near-perfect scores in the exams.

Currently, there are 500 schools in India offering Cambridge programmes. This year combined 52,190 entries were submitted for Cambridge IGCSE and Cambridge International AS & A Level by 337 schools across the country. Over 41,000 entries were for Cambridge IGCSE and 11,000 were for Cambridge International AS & A Level.

For the May series of exams, marks would be given on the basis of their internals as the exams were cancelled. “Students were given two options. Either they could choose to get a score on the basis of their internal evaluation or could opt for November series,” said Dr G Swaminathan, principal, SVKM JV Parekh International School, Vile Parle, where the highest score recorded was 97.2%. At Witty International School the topper scored 93.8%.

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