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Multiple FIRs were lodged across the country against promoters and directors of PACL for raising money through illegal collective investment schemes.
During the hearing of the plea seeking interim bail moved by one of the managing directors in the 60,000 crores Pearls group scam, Justice Prashant Kumar Mishra of the Supreme Court recused himself from hearing the matter.
“Subject to the orders of Hon’ble the Chief Justice, if required to be obtained, list on 5th June, 2023, before a Bench in which one of us (Prashant Kumar Mishra, J.) is not a member,” the order issued on Monday said.
The Court was considering the application which had been moved by one of the salaried Director- Subrata Bhattacharya for the grant of interim bail for a reasonable period on the ground of the ill health of his wife.
Senior Advocate ANS Nadkarni, advocate Jai Dehadrai and Advocate-on-Record Ayush Sharma appeared before the court on behalf of the applicant.
On May 26, the court had allowed the prayer of the counsel appearing on behalf of CBI for grant of time to get instructions and re-listed the matter on 29.05.2023.
Multiple FIRs were lodged across the country against promoters and directors of PACL for raising money to the tune of Rs. 60,000 crores from the public in the name of agriculture and real estate businesses through illegal collective investment schemes.
In 2016, the Supreme Court had constituted a committee under the chairmanship of former apex court judge and retired CJI Justice RM Lodha to sell off PACL properties and return the money to affected investors.
Justice Mishra was recently administered oath by CJI D.Y. Chandrachud as a judge of the apex court on May 19. Before his elevation to the Supreme Court, he was serving as Chief Justice of the High Court of Andhra Pradesh.
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