The Enforcement Directorate (ED) has summoned all major borrowers of Yes Bank as part of the probe into the financial irregularities at Yes Bank. Rana Kapoor, the disgraced co-founder of the private lender, was produced in court on March 16 and his custodial remand was extended till March 20.
According to sources, media baron Subhash Chandra of the Zee Group, Sameer Gehlaut of Indiabulls Group, Jet Airways founder Naresh Goyal, Dheeraj and Kapil Wadhawan of DHFL group and Peter Kerkar of Cox and Kings have been summoned by the agency.
The first being asked to appear are Kapil and Dheeraj Wadhawan of the DHFL group who have to appear before the agency on March 17. If the Wadhawans fail to appear, the agency could approach the PMLA court to cancel their bail issued in the Iqbal Mirchi case which was also being investigated by the agency.
The Wadhawans have been named as accused in the case in which Kapoor has been arrested for a suspicious transaction worth Rs 4,300 crore. Yes Bank had bought debentures worth Rs 3700 crore from DHFL while the housing finance company awarded a loan of Rs 600 crore to Doit Urban Ventures Private Ltd owned by the daughters of Kapoor.
Sixteen companies of Essel Group collectively borrowed Rs 8,415 crore from Yes Bank. Some of the loans have turned NPAs. Indiabulls Real Estate and Indiabulls Housing Finance Ltd had borrowed Rs 5,800 crore from Yes Bank. DHFL had borrowed Rs 4,735 crore, while Cox and Kings had borrowed Rs 1,050 crore.
Essel group, through a press statement, said: "Essel Group wishes to confirm that the Enforcement Directorate (ED) has requested Dr. Subhash Chandra's presence on 18th March 2020, to make a statement on the information which is already available with them.”
“Dr. Chandra will certainly be present to make the statement and will be more than happy to extend any support or co-operation requested by ED. The Group wishes to clarify that most of the credit facilities were availed for its infrastructure business and there is no debt on ZEEL, ZMCL, etc.,” it stated.
“The Group also wishes to cite that all credit facilities availed were fully secured. The Group has never made any transactions with Mr. Rana Kapoor or his family or for that matter any private entities controlled by them," the release added.
India Bulls, in response to Moneycontrol's query regarding the summons being issued to Gehlaut, said: "We have not received any such summons. Your information is incorrect.
As detailed in our release to the exchange yesterday:
A. Indiabulls Housing has no term loans outstanding from Yes Bank.
B. Sameer Gehlaut or any company related to him or his relatives have no loans outstanding from Yes Bank.
There was a similar rumour of a CBI raid on Friday which became quite apparent was untrue by CBI's formal release itself. We also had sent a release on the same to the stock exchange . Kindly do not get influenced by such incorrect rumours which keep getting floated.
"As per my info, summonses are to various companies whose loans have gone bad, we are not in that category and Indiabulls Housing or promoter have no loans outstanding from Yes Bank," an Indiabulls spokesperson said.
Cox and Kings has been facing bankruptcy and is struggling with the insolvency and bankruptcy code.