Indiabulls Financial Services has alleged that real estate major HDIL's promoters, Sarang and Rakesh Wadhwan, have failed to pay interest worth Rs 3.5 crore accrued on their personal loan worth Rs 46 crore.
The financial services firm has claimed that promoters will have to pay the interest, that was due for the last 3 months, within 60 days.
CNBC-TV18’s Priyanka Ghosh reports that the loan is not a non-performing asset (NPA) because part of this interest has been paid as of today. These developments have been confirmed by both companies.
The Wadhwans, who have said that the matter concerns only the promoters and not the company, had kept a Goa property as the loan's collateral.
It spells trouble for the company which has said that the matter concerns only the promoters and not the company. However, given how things have panned out for HDIL this year, it aggravates concerns around that stock. The promoters had in January sold 1.2 percent stake to raise Rs 55 crore and defaulted on an interest of Rs 8 crore also. Additionally, in the last quarter, HDIL's MIAL project got terminated too.
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