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Last Updated : Oct 17, 2019 06:39 PM IST | Source: Moneycontrol.com

Hours before ED custody, Wadhwans request agencies to sell attached assets and repay PMC Bank customers

According to HDIL, the company has securitised enough assets to the PMC banks as compared to the loan taken. They have securitised 40 assets with clear titles with the bank.

Picture of an HDIL property
Picture of an HDIL property

HDIL promoters Rakesh and Sarang Wadhawan, through their letter written on October 16, have requested the investigating agencies to sell off their attached assets at the fair market value and start the process of repaying loans it took from PMC Bank.

The promoters have written to the Enforcement Directorate (ED), EOW, Ministry of Finance, Reserve bank of India, Governor, Deputy Governor on October 16.

The letter said, “We state that, whilst denying the allegations raised in FIR no. 86/ 2019 and the allegations of money laundering and solely with the purpose to work towards the resolution of the matter in the interest of depositors which was also communicated vide our earlier letters dated 30" September, 2019, 1 October, 2019 and 3rd October, 2019 sent to (ministry of Finance, Reserve bank of India, Governor, Deputy Governor), we request you to immediately take steps to sell the assets mentioned below at the fair market value and adjust it towards the Principal of the loans taken by the Respective Companies which owns the respective assets mentioned in Para 1. Such action for monetization of these depreciable assets is required to protect the value of the assets so as to fetch a fair market value for the assets and to make available immediate liquidity to start the process of repaying loans to PMC Bank.”

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It added, “We urge the Enforcement Directorate and Economic Offence Wing to take timely action by disposing off the assets to get the fair market value for the same. We further give our unconditional consent for the appropriation of the money received from the sale of these assets to be adjusted and appropriated towards the principal loan amount procured by us and the respective companies. It is in the larger public interest that the assets are disposed off so as to mitigate the present situation. In order to implement the process of monetization of assets, any approval, consent and necessary formalities required from us would be fulfilled by us and no hinderance would be created. We undertake and assure to extend full co-operation and assistance in the process."

The promoters have written to monetise the below assets:

a) FerrttiYacht 881 hardtop owned by Sapphire Land Development Pvt. Ltd. (Purchased for Euro 52,95,000)
b) Falcon 2000 Aircraft owned by Privilege Airways Ltd.
c) Audi AG Imported (MH-04-DJ-4090) owned by Sarang Wadhawan
d) Rolls Royce Phantom (MH-43-Q-0001) owned by Rakesh Wadhawan
e) Bentley Continental (CH-01-AR-5500) owned by Rakesh Wadhawan
f) BMW 730 LD (MH-48-F-5) owned by Rakesh Wadhawan
g) Toyota Fortuner (MH-06-AZ-5337) owned by Rakesh Wadhawan
h) Mahindra Bolero (MH-04-DR-658) owned by Rakesh Wadhawan
i) Ambassador (MRH 5171) owned by Rakesh Wadhawan
j) Range Rover (MH-04EK-2100) owned by Sapphire Land Development Pvt. Ltd.
k) Range Rover (MH-11-BV-0055) owned by privilege Industries Ltd.
1) Toyota Innova (KA 04 MH 2696)
m) Toyota Fortuner (MH 06 AZ 5337)
n) Mahindra Bolero (MH 04 DR 658)
0) Audi Car (MH 04 DJ 4000)
p) 2 Electric Cars
q) 3 Quad Bikes (ATV)

r) speed boat (Dolphin super deluxe 31HT, 7 seater)

All of which have been attached by the ED.

According to HDIL, the company has securitised enough assets to the PMC banks as compared to the loans taken from PMC Bank. They have securitised 40 assets with clear titles with the bank.

Meanwhile, the Enforcement Directorate (ED), on October 16, has sought the custody of HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, who are embroiled in the Punjab and Maharashtra Cooperative (PMC) Bank case.

The ED has moved an application in the court after the Economic Offences Wing of the Mumbai Police got judicial custody of the Wadhwans till October 23.

Meanwhile, the ED has already identified huge tracts of land of related to HDIL and attached these properties, which are worth of Rs 3,800 crore.

An ED source told Moneycontrol "The department has identified huge tracts of land in Maharashtra, about 1700 acres linked to HDIL in the Sindhudurg district. The agency is in the process of seizing the property. Further four flats in the Four Bungalows area of Andheri, Mumbai have been identified as those of Waryam Singh, who is the former chairman of PMC bank. These flats were in the name of his son and wife."

Another source told Moneycontrol "Along with this, the ED has also identified three hotels in Delhi which is on the name of Rakesh Wadhawan's daughter."

A source told Moneycontrol "The list of guests who used Wadhawan's falcon 2000 jet, which included Praful Patel, are also under the scanner. Mostly, guests used this jet as gift from Wadhawan."

In the same case, Mumbai Police EOW has arrested one of the director of PMC Bank Surendra Arora.

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First Published on Oct 16, 2019 08:49 pm
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