HDIL pitches for sale of its assets

PMC BANK SCAM

Facing imminent threat of more properties being attached by the Enforcement Directorate in the Rs4,335 crore PMC fraud case, the Housing Development and Infrastructure Limited (HDIL) promoters and directors have written to the ED, the Mumbai Police and the RBI to sell the properties at a fair market rate to repay the loans taken by the company.

Denying allegations of money laundering, Rakesh and Sarang Wadhawan have said in a letter October 16 that they wanted to "work towards the resolution of the matter in the interest of depositors".

They have accordingly urged the agencies to "immediately take steps to sell the 19 mentioned assets at fair market rates and adjust it towards the principal of the loans, which was taken by HDIL and its group companies from PMC Bank.’

The HDIL has also hired a leading MNC, Knight Frank, for valuation of their 40 properties.

The valuation report will be submitted in 7 to 10 days by the company.

Sources in HDIL said, “The current value of the 18 valued properties will cross more than Rs3500 crore approximately, while the other 22 properties would be another Rs4000 crore.

HDIL’s Chairman and Managing Director Sarang Wadhawan had met the PMC administrator couple of days before he was arrested by the EOW.

In his meeting Wadhawan had clearly informed the management of the PMC Bank that all the loans taken by the HDIL from the banks were secured.

Denying allegations of money laundering, Rakesh and Sarang Wadhawan have said in a letter dated October 16 that they wanted to “work towards the resolution of the matter in the interest of depositors”. They have accordingly urged the agencies to “immediately take steps to sell the 19 mentioned assets at fair market rates and adjust it towards the principal of the loans, which was taken by HDIL and its group companies from PMC Bank”.