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Delhi HC Issues Notice in Plea Seeking Direction to PMC Bank to Allow its Depositors to Withdraw up to ₹5 Lacs In Light of COVID19

Delhi High Court has issued notice in a plea seeking a direction to be issued to the Punjab & Maharashtra Cooperative Bank (PMC Bank) to allow its depositors to withdraw up to Rs. 5 lacs in light of medical emergencies caused by COVID-19. The Division Bench of Chief Justice DN Patel and Justice Prateek Jalan has issued notices to the PMC Bank, Reserve Bank of India, and the Central Government. The order has come in a PIL filed by Bejon Kumar Mishra highlighting the difficulties faced by senior citizens due to the moratorium imposed by RBI on the withdrawal of deposits from PMC Bank. The Petitioner had sought court’s direction to the RBI to ease out the moratorium for withdrawal of deposited money of depositors from PMC Bank during the pandemic of COVID19. ‘The situation has come to such a pass that the depositors are completely helpless in carrying out their day to day financial activities and becoming victims of avoidable debt and mortgage’”, the petition states. The Petitioner has demanded for a direction to be issued to the RBI for ensuring the withdrawal of at least the insured amount of Rs 5 lacs immediately to cater to the medical and other urgent needs of depositors of PMC Bank during such health crisis.

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.