PMC Bank-HDIL case: Bombay HC grants pre-arrest bail to director Parmeet Sodhi, directs EOW to revoke look out circular

The Bombay HC was told that a look out circular (LOC) has been issued against Punjab and Maharashtra Cooperative (PMC) Bank director Parmeet Sodhi, who will return to India from Canada on January 29 and cooperate with the probe.

By: Express News Service

Mumbai | Updated: January 28, 2023 08:25 AM IST

2 min read

The HC noted that as Sodhi's custodial interrogation is not required, a request may be made to the EOW investigating officer to revoke the LOC. (File)

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The Bombay High Court recently granted pre-arrest bail to Punjab and Maharashtra Cooperative (PMC) Bank director Parmeet Sodhi, who was booked for allegedly overlooking the process of sanctioning or disbursing hidden or undisclosed loan accounts of Housing Development Infrastructure Limited and its associate companies, thereby causing wrongful loss to PMC Bank.

The HC was told that a look out circular (LOC) has been issued against Sodhi, who will return to India from Canada on January 29 and cooperate with the probe. Noting that her custodial interrogation was not required, the court granted Sodhi protection from arrest and also asked the probing agency to withdraw the LOC against her.

Justice Makarand S Karnik was on January 24 hearing Sodhi’s anticipatory bail plea in connection to a case registered by Banking Unit-II of Economic Offences Wing (EOW) under Mumbai Police, for offences, including cheating, criminal conspiracy, criminal breach of trust and forgery under the IPC.

Advocates Niteen Pradhan and Rahul Gaikwad, appearing for Sodhi, said she was not concerned with the day-to-day affairs and working of the PMC Bank. They added that several directors having similar role as Sodhi have been released on bail and she should be granted relief on parity.

Additional Public Prosecutor Prajakta P Shinde said that while chargesheet in connection to Sodhi has been filed on February 17, 2022, and her custodial interrogation is not required, she should cooperate with the probe.

The HC noted that as Sodhi’s custodial interrogation is not required, a request may be made to the EOW investigating officer to revoke the LOC.

The court allowed the pre-arrest bail plea and directed that in the event of her arrest, Sodhi shall be released on furnishing a personal bond of Rs 50,000 with sureties of the same amount. It directed Sodhi to report to the concerned police station on February 2, 3 and 4 and thereafter, as and when summoned.

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Bombay High Court