Shiv Kumar
Tribune News Service
Mumbai, October 23
The Maharashtra Government is awaiting the Centre’s nod to initiate the process to auction properties that were pledged by Housing Development and Infrastructure Ltd (HDIL) and its promoters Rakesh and Sarang Wadhwan to obtain loans from the troubled Punjab and Mumbai Co-operative (PMC) Bank, sources said.
The Devendra Fadnavis government earlier this week allowed the Mumbai
police to file an application before the Sessions Court here seeking permission for the auction of the properties. A clearance from the Central Government’s Enforcement Directorate is required since the properties have been purchased from the proceeds of crime, officials here said.
The process of auctioning of the properties is expected to take a few months if there are no legal challenges, the sources said.
The Economic Offences Wing of the Mumbai police has attached properties estimated to be valued at Rs 4,500 crore while assets worth Rs 4,000 crore have been seized.
The state government will now appoint a competant authority to dispose
of the properties and submit the proceeds with the PMC Bank. The CA will have to appoint a professional valuer to value the properties before appointing an auctioneer to complete the sale process, according to an official.
So far, the authorities have seized plots, residential and commercial buildings, hotels, farmhouses and other immoveable properties in various parts of the country. Besides, two aircraft, a luxury yacht and 10 high-end cars belonging to the Wadhawans have been attached. Nine flats belonging to Joy Thomas, former MD of PMC Bank, have been seized. Hotels owned by Waryam Singh, former Chairman of PMC Bank, in Punjab and land in Mumbai’s Juhu have also been attached, according to officials.
While the Wadhawans say the property given as collateral covered the loans availed by them from PMC Bank, state government officials are skeptical considering the slump in the real estate market.PMC Bank is said to have lent as much Rs 6,500 crore to HDIL.
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