Legal Blitz

Pramuka Banks Directors on Friday filed a writ application at the Appeals Court to overturn Monetary Boards decision to liquidate the bank.
The move comes as Central Bank informed Janashakthi Capital to send a list of financial details they require of Pramuka Bank.rn

rnOn behalf of Pramukas shareholders, Janashakthi Capital on Monday sought Central Banks approval to look at the possibility of resurrecting the failed operation.rn

rnFiling their petition, Pramuka Directorss alleged the Central Bank had acted lquote malafide, arbitrarily, unreasonably and capriciously from the very inception.rn

rnPetitioners sought an interim order to recover all its debts and deposit them in a fund under Central Banks control.rn

rnMonetary authorities, the petitioner alleges, delayed Pramukas approval to start business, which brought about large pre-operational losses. Pramuka was also not allowed to open nostro-accounts required to issue letters of credit. rn

rnThe Central Bank also ignored Pramukas business p