Rakesh Wadhawan was arrested in October, 2019, along with Sarang Wadhwan in connection with the irregularities submitted in the Punjab and Maharashtra Co-operative (PMC) Bank case.
YES Bank co-founder remanded to custody until January 30. ED to grill him on loans given to HDIL for renovation of a newly constructed building in a Mumbai suburb
It is alleged that Yes Bank had given loan to Mack Star in which HDIL was a minority shareholder.
Adani Properties and Suraksha group had participated in the insolvency resolution process of Jaypee Infratech, which eventually was acquired by the state-owned NBCC.
Earlier on August 20, 2019, the Mumbai bench of National Company Law Tribunal (NCLT) had directed to initiate insolvency proceedings against HDIL, after allowing the insolvency plea filed by Bank of India, claiming default of a loan of Rs 522 crore by the realty firm.
"Since the company is under corporate insolvency resolution process, the resignation of Darshan Majmudar as a chief financial officer (CFO) and company secretary of the company will be put before members of committee of creditors for their consideration and approval at the ensuing meeting," HDIL said in a regulatory filing.
A bench comprising Chief Justice S A Bobde and justices B R Gavai and Surya Kant took note of the appeal of the Reserve Bank of India against the Bombay High Court order.
An appeal filed by the Enforcement Directorate challenged a Bombay High Court order that allowed the shifting of HDIL promoters Rakesh and Sarang Wadhawan, those accused in the Rs 6,800 crore PMC Bank scam case, from Mumbai's Arthur Road prison to their residence.
Solicitor General Tushar Mehta mentioned the matter before a bench headed by Chief Justice S A Bobde and said the Punjab and Maharashtra Cooperative (PMC) bank scam involved Rs 7000 crore and the high court had on Wednesday passed a very "unusual order" while hearing a public interest litigation (PIL).
A division bench of Justices R V More and S P Tavade said the committee would be headed by retired high court judge S Radhakrishnan.
HDIL was taking undue liberty even before its IPO was launched in 2007.
Wives of Sarang and Rakesh Wadhawan owned a vast number of properties but claim to be unaware of the source of funds for the purchases.
The court also said that the assets of HDIL and Wadhawans must be sold at the earliest in the interest of the PMC Bank and its depositors.
Sarang and his father, HDIL promoter Rakesh Wadhawan are currently in judicial custody after the duo were arrested in connection with an alleged scam at PMC Bank.
The agency submitted its charge sheet, running into around 7,000 pages, before a special court set up under the Prevention of Money Laundering Act (PMLA).
The Sensex is just 0.38 percent and the Nifty about 0.6 percent away from hitting fresh record highs.
The Reserve Bank of India, Enforcement Directorate, the Economic Offences Wing of the Mumbai Police and administrators of PMC Bank have formed a coordination team to expedite action in the PMC Bank case.
Surjit Singh Narang (71) has filed an anticipatory bail application before additional sessions judge ST Soor.
The court remanded the duo in judicial custody after the central agency did not seek their further custody.
The Enforcement Directorate has already attached assets of HDIL that are worth 3,800 crore. These include high end cars, lavish bungalows and jewelry.
The Enforcement Directorate (ED) produced Housing Development Infrastructure Ltd's (HDIL) chairman and managing director Rakesh Wadhawan and his son before special Prevention of Money Laundering Act court judge P Rajvaidya, after their remand ended on Tuesday.
While the principal loan on these 40 properties is around Rs 2,200 crore, PMC Bank has been accused of fraudulently extending Rs 4,500 crore to HDIL on the back of security of these properties.
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.
The assets, both immovable and movable, will be attached under provisions of the Prevention of Money Laundering Act (PMLA) after valuation, it said.