Supreme Court on Friday refused to take up Central Banks appeal on the Court of Appeal decision on Pramuka Bank.
The Central Bank sought to stay the Appeal Court decision without serving notice on the depositors or their counsel.rn
rnThe case will be taken up on Monday, after Central Bank has served notice on depositors counsel.rn
rnThe Appeal Court on Wednesday, quashing the regulators decision to liquidate Pramuka had directed the Central Bank to explore other options through the powers available under section 76 of the Banking Act.rn
rnCourt also asked the regulator reconsider proposals made by the Depositors Association with the aid of Janashakthi Capital, a shareholder of Pramuka. rn
rnDepositors had earlier alleged inter alia that Central Bank had not explored all options to restructure the bank but had prematurely decided to liquidate the bank. rn
rnThe Central Bank cancelled Pramukas licence on December 19, after suspending it on October 25 following alleged financial irregularitiesrn