The Supreme Court has postponed the hearing of an appeal filed by M3M’s directors, Pankaj Bansal and Basant Bansal, challenging the Punjab and Haryana High Court’s decision to deny their release. The new hearing date is set for September 13, as the court cited a lack of time to address the matter.
Representing the Bansals, senior advocates Abhishek Manu Singhvi and Mukul Rohatgi requested interim bail, noting that the Enforcement Directorate (ED) had submitted its response to the plea only a day prior. However, the court decided to defer the case due to time constraints.
On August 11, the legal team argued that M3M is one of India’s largest real estate companies and that its future is at risk if the directors remain in custody. They urged the court to consider the situation of the thousands of individuals who have invested in their housing projects. Senior advocate Tushar Mehta represented the ED and requested three weeks to file a response.
In July 2023, the Punjab and Haryana High Court declined to release Basant Bansal and Pankaj Bansal, who were arrested on charges of money laundering related to a former CBI judge in Panchkula. In June 2023, the ED took custody of the Bansals. The anti-corruption bureau’s FIR alleges that the judge displayed favoritism in ED and CBI cases involving the M3M group directors and another real estate company called IREO. Subsequently, the judge was suspended by the Punjab and Haryana High Court.