Diabytes
HDIL News
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PMC Bank has been put under restrictions by the RBI, following the unearthing of a Rs 4,355-crore scam.
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PMC bank officials allegedly gave loans to HDIL between 2008 and 2019 despite no repayment of the previous loans.
Out of the 44 bank accounts responsible for not paying back the huge loans taken from PMC Bank, 10 belonged to HDIL and the Wadhawans.
Out of the 10 bank accounts, Sarang and Rakesh had one personal account each.
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The Supreme Court (SC) on Thursday stayed the release of Housing Development Infrastructure Ltd (HDIL) directors, Rakesh Wadhawan and Sarang Wadhawan, from Mumbai jail in Punjab and Maharashtra Cooperative (PMC) Bank scam case. The duo is accused in the case.
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The deceased, Sanjay Gulati was under a lot of stress after the Punjab and Maharashtra Cooperative (PMC) Bank scam came to light, according to his family members. He was listed as a large depositor with the bank and had almost Rs 80 lakh in four accounts.
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Former chairman of PMC Bank Wariyam Singh, who is currently in police custody, has bought a plot of land worth Rs 2,500 in Mumbai's posh Juhu area using depositor's money.
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A number of PMC bank depositors today staged a protest as a Mumbai court extended custody of three accused in the bank fraud case.
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A local court here sent Joy Thomas, the suspended Managing Director of the Punjab and Maharashtra Co-operative (PMC) Bank, to police custody till October 17 on Saturday.
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The Enforcement Directorate (ED) has seized 12 high-end cars which include two Rolls Royce, two Range Rover, and one Bentley, of Housing Development and Infrastructure Limited (HDIL) chairman Rakesh Wadhawan and his son Sarang Wadhawan on Friday following raids at six locations in Mumbai.
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Out of the 44 bank accounts responsible for not paying back the huge loans taken from PMC Bank, 10 belonged to HDIL and the Wadhawans. Out of the 10 bank accounts, Sarang and Rakesh had one personal account each.
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The Economic Offences Wing (EoW) of Mumbai Police has registered an FIR against senior officials of Housing Development and Infrastructure Ltd (HDIL) and Punjab and Maharashtra Cooperative (PMC) Bank over allegedly causing losses to the tune of Rs 4,355.43 crore to the bank.
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Realty firm HDIL is in talks to sell about 200 acres of land parcels in Baroda and Hyderabad as part of its strategy to offload non-core assets to improve cash-flows and cut debt.
Total income rose to Rs 1,083.12 crore in the last fiscal as against Rs 953.64 crore in 2013-14 fiscal.
Realty stocks attracted strong buying interest in an overall bullish broader market Moday, surging up to 24 percent, a day ahead of the RBI's monetary policy.
To reduce its debt by nearly 25 percent, Mumbai-based property developer HDIL hopes to monetise all its non-core assets in coming fiscal and expects to garner around Rs 750 crore which will be utilised for paring debt, a top company official said.
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