See more pressure in HDIL, says Tulsian

SP Tulsian, sptulsian.com feels that one can see more pressure in HDIL.

Tulsian told CNBC-TV18, "More pressure is likely to come in HDIL, because unless and until we have the clarity from that you have the multiple problems lying with the company. Earlier when the promoters shed their stake by about couple of percentage we thought that it would be one-off and they have acquired a land at Byculla and where that money has been used."
He further added, "But now when you get to hear the bank accounts having frozen by the Service Tax Department, they are unable to pay Rs 2 crore, which they have confirmed thereafter that it has been paid in the first week of March. You do not know that how many skeletons are there in the closets, so it is very difficult."
"The clear case which I see broadly from the company’s point of view that unless and until they get the clearance for the shifting of the tenants from the airport land to their project which they have almost made ready for about 25,000-30,000 families at Vidyavihar, that will be the real kicker for the company."
"They will get the Transfer Of Development Rights (TDR), huge funds release and all sort of things. Though the management has hinted that they will be reducing their debt by about Rs 1,000 crore, this looks to be just a promise. If you recall when they presented their first quarter results they said that they will be reducing their debt by about Rs 1,000 crore in FY13 which is unlikely to happen with the large debt of Rs 4,000 crore, huge liquidity pressure, the regulatory actions and all sort of things."
"It is not the problem at the company’s end now. It is the problem at the large investors’ end. They are holding huge chunk in the company and they are coming to sell in the market. Unless and until that selling stops you do not have respite on the stock really."