Team of diverse investors puts in bid for embattled PMC Bank
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Synopsis
A consortium, led by Surinder Mohan Arora, an Indian businessman, submitted a plan on February 1, 2021, for revival and conversion of PMC Bank into a small finance bank (SFB), subject to certain conditions and regulatory forbearance from RBI.
The 37-year-old multi-state co-operative bank, which has been under an administrator since 2019, has outstanding of over Rs 10,368 crore to depositors.
A diverse set of investors including a German firm marketing pharmaceutical products, two offshore investors based in Mauritius, and an overseas corporate entity in Dubai are part of a consortium that has bid for the failed lender Punjab & Maharashtra Co-operative (PMC) Bank.
Consortium of investors put in joint bid to acquire PMC Bank businesstoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstoday.in Daily Mail and Mail on Sunday newspapers.
PMC fraud: Court rejects Viva Group MD, directorâs plea for home food
A sessions court on Friday denied home food claimed on medical grounds by Viva Group MD Mehul Thakur and Director Madan Chaturvedi in custody in the Punjab and Maharashtra Cooperative (PMC) Bank fraud.
Thakur in his plea said that he suffered from Obsessive Compulsive Disorder with anxiety and mild depression and needed counselling on alternate days with medication. Chaturvedi stated he had Blood Pressure and Cholesterol.
The court while dealing with Thakurâs application said that the fact regarding his medical issues was not brought to its attention either by the prosecution or the defence during prolonged remand hearings. It said that however, the right of the accused to get medical treatment cannot be overlooked and directed jail authority to provide medical aid from an expert doctor on their panel with prescribed medicines. It also allowed him to purchase these if not available in jail or that the