SC refuses order in PNB loan fraud as Centre opposes PIL

The Supreme Court on Wednesday refused to issue any order on a PIL seeking investigation against top management of the Punjab National Bank in connection with the Rs 11,400 crore loan fraud involving jeweller Nirav Modi.

"We must allow the government to investigate...let's not pre-empt it," a three-judge bench presided over by Chief Justice Dipak Misra told petitioner advocate Vineet Dhanda.

Attorney General K K Venugopal, appearing for the Centre, submitted, "We are opposing this petition. FIRs have been filed, arrests have been made."

Dhanda, however, insisted on notice to the government. "Let a notice be issued to the government. Let them file an affidavit stating why they are opposing this petition," he submitted.

"We will hear the matter if the petition is maintainable," the bench, also comprising Justices A M Khanwilkar and D Y Chandrachud, said.

The petitioner responded, "A man with a small loan is hounded by the authorities. What is this concept of hearing the matter without issuing notice?"

"Is issuance of notice your right. Don't make big speech. This will not help. Address us on legal issue, do not put forth emotional arguments," the bench said.

"The way you are arguing the matter, it establishes that it is a publicity-oriented PIL," the bench said.

Posted to Mar 16  

The court, however, posted the PIL for consideration on March 16.

The petitioner has sought deportation of jewellers Nirav Modi and Mehul Choksi within two months time. Among other things, he sought establishment of an experts body to deal with cases of bad banking debts in the country. Besides, he sought framing of rules for the recovery of loans from the defaulters within a stipulated period, even by attaching their properties and auctioning them in the open market.