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Sunday, Nov 17, 2019

Sell assets attached to payback PMC Loan: HDIL writes ED, EOW

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

india Updated: Oct 17, 2019 19:17 IST
Vijay Kumar Yadav
Vijay Kumar Yadav
Hindustan Times, Mumbai
HDIL promoters requests concerned agencies to start the process of repaying loans to PMC Bank.
HDIL promoters requests concerned agencies to start the process of repaying loans to PMC Bank.(Photo: Reuters)
         

HDIL promoters Rakesh and Sarang Wadhawan through a letter dated October 16, 2019 have requested all concerned agencies to sell their attached assets at the fair market value, monetise it and start the process of repaying loans to PMC Bank, HDILs press statement said.

In their letter to the agencies, the promoters said, “We state that, whilst denying the allegations raised in EOW FIR and the allegations of money laundering and solely with the purpose to work towards the resolution of the matter in the interest of depositors.

They added, “We urge the Enforcement Directorate and Economic Offences 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.

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

So far two PMC Bank depositors have died due to various reasons since September 23 when the RBI had put restrictions on PMC Bank, amid a probe into accounting lapses. Cash withdrawals were capped at ₹1,000 per account, spreading panic among depositors. Later the cash limit was extended to Rs 10,000 and after few days it was extended up to Rs 25,000 and ultimately to Rs 40,000 recently.