Delhi HC Directs RBI To Consider The Difficulties Faced By Depositors Due To Moratorium On Withdrawal From PMC Bank [Read Order]

first_imgNews UpdatesDelhi HC Directs RBI To Consider The Difficulties Faced By Depositors Due To Moratorium On Withdrawal From PMC Bank [Read Order] Karan Tripathi29 May 2020 6:55 AMShare This – xDelhi High Court has directed the Reserve Bank of India and the Central Government to appreciate the difficulties faced by the senior citizens with respect to moratorium on withdrawal from Punjab & Maharashtra Bank and decide the same in accordance with law, rules, regulations and government policy. The Division Bench of Chief Justice DN Patel and Justice Prateek Jalan…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginDelhi High Court has directed the Reserve Bank of India and the Central Government to appreciate the difficulties faced by the senior citizens with respect to moratorium on withdrawal from Punjab & Maharashtra Bank and decide the same in accordance with law, rules, regulations and government policy. The Division Bench of Chief Justice DN Patel and Justice Prateek Jalan further directed that upon receipt of any representation from any individual or group of depositors in this regard, the decision shall be taken by the concerned respondent authority within a period of four weeks. 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 Petitioner had demanded for a direction to be issued to the RBI for ensuring the withdrawal of at least the insured amount of Rs 500000/- immediately to cater to the medical and other urgent needs of depositors of PMC Bank during such health crisis. In addition to this, the Petitioner had asked for an interim financial package for senior citizen depositors who are facing several health issues including various urgent needs in the interest of justice.Click Here To Download Order[Read Order] Next Storylast_img read more

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Gamestop short-seller revealed as buyer of $44M Miami Beach property: sources

first_imgShare via Shortlink Email Address* Gabe Plotkin with 6360 and 6342 North Bay Road (Google Maps)UPDATED, 6:45 p.m. Jan. 26: Gabe Plotkin, the founder of investment management firm Melvin Capital Management and a major short-seller of GameStop, is the buyer of two adjacent properties in Miami Beach, The Real Deal has learned.Plotkin paid $44 million for the waterfront homes at 6360 and 6342 North Bay Road, according to sources. Jean Simonian, who owns the watch store Westime, sold the mansion and adjacent house. The deal closed in late November and was recorded last week.Plotkin founded New York-based Melvin Capital in 2014 with $925 million in seed money, according to a source. The fund now manages $13 billion. Its holdings include more than 405,000 shares of Amazon (worth nearly $1.3 billion on Monday), and about 20 million shares in Bath & Body Works owner L Brands (worth $600 million), according to Yahoo Finance. L Brands also owns a stake in Victoria’s Secret.A spokesperson for Plotkin declined to comment. Melvin is known for taking significant short positions against several stocks, including GameStop, which has seen its shares rally nearly 700 percent this year- resulting in huge losses for Melvin. On Monday, the Wall Street Journal reported that Steve Cohen’s Point72 Asset Management and Ken Griffin’s Citadel are investing $2.75 billion into Melvin, which has lost nearly 30 percent this year.The 12,651-square-foot mansion at 6360 North Bay Road sold for $32 million. The nine-bedroom home, built in 2018, has nine bedrooms, twelve full bathrooms and four half bathrooms, according to property records. It includes a guesthouse, pool and dock with 112 feet of water frontage.The four-bedroom, four-bathroom home next door, at 6342 North Bay Road, sold for $12 million. Originally built in 1935, the house, which sits on a 24,407-square-foot lot, was advertised as a teardown.In Miami Beach, Plotkin joins a number of millionaire and billionaire buyers who have closed on properties in recent months. Billionaire hedge fund manager Ken Griffin has been assembling land on Miami Beach’s Star Island, recently paying $25 million for 10 Star Island Drive.Last month, the waterfront lot at 5860 North Bay Road, once home to Colombian drug lord Pablo Escobar, sold to developer Jarrett Posner, founder and chairman of New York City-based BMC Investments, for $11 million. The same month, the CEO of AmeriSave Mortgage Corp. paid $8.2 million for a waterfront Miami Beach teardown next to his mansion on North Bay Road. And the CEO and president of a cosmetics and lotions manufacturer paid $10.7 million for a waterfront Palm Island mansion at 24 Palm Avenue.Contact Katherine Kallergis Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink TagsMiami Beachnorth bay roadcenter_img Message* Full Name* This story was updated to reflect the latest events surrounding GameStop, which is one of Melvin Capital’s major short positions. last_img read more

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