She hasn’t exactly gone bankrupt, but former mayor and one of the most well-heeled corporators in the city Shraddha Jadhav has been cut down to size a bit by Mumbai’s Debts Recovery Tribunal (DRT). The agency has passed an order to attach all her immovable properties in Mumbai and Satara, after her husband Shridhar and son Pawan defaulted on loans of Rs 35.46 lakh from Kotak Mahindra Bank Limited (KMBL), for which Shraddha stood as guarantor.
According to KMBL officials, the father-son duo had taken six loans totalling Rs 95.65 lakh and purchased luxury buses of Ashok Leyland and Volvo in 2007-2008. But soon after the finance was disbursed, the Jadhavs failed to pay the EMIs on time and the bank confiscated the vehicles in December 2008.
“Even after repossession the customer did not make the payment; so the bank sold the vehicles and appropriated the sale amount. But some dues were still to be cleared, and hence the bank initiated loss recovery claim against the customer (Jadhavs) and the matter was filed in DRT III, Mumbai. The court had given us the recovery certificate of the claim amount. In execution of the decree, the bank is getting the properties attached,” said the regional head of Kotak Mahindra Bank Ltd.
The list of real estate to be seized includes Hotel Mukund Kripa on 10 to 12 hectares, and a plot measuring about 2.21 hectares, both located at Dhamni in Sangli district. Apart from these, the DRT has also ordered attachment of two properties in Mumbai, including Jadhav’s current residence at Edenwalla Compound on Ambedkar Marg in Parel, and a flat at Seawoods Estate Ltd in Nerul, Navi Mumbai.
The order addressed to the Jadhavs (copy available with this newspaper) states, “You are hereby prohibited and restrained, until further orders, from transferring, alienating, creating third party interest, parting with the possession, charging or dealing with the property in any manner and that all persons are prohibited from taking any benefit under such transfer, alienation, possession or charge.”
This means that the Jadhavs will have to vacate the premises with immediate effect. Also, they will not be able to sell or lease out any of the aforementioned properties in the near future. “Despite the court order, the Jadhavs have been refusing to comply with the proceedings of attachment of their properties. We have asked for police protection to commence with the course of action and that too has been sanctioned by the court,” added the regional head of KMBL.
Did you know?
In December 2009, Jadhav became Mumbai’s fifth female mayor. The Commerce graduate was elected corporator from Parel as an Independent candidate in 1992 before she joined the Shiv Sena. Jadhav had replaced Shubha Raul (also from Sena) as the mayor. Shraddha Jadhav served on the post from December 2009 to March 2012. She is married to Shridhar Jadhav and has two sons, Pawan and Govind. A resident of Parel, Shraddha was among the finalists for the 2010 World Mayor’s prize.
The other side
When contacted, Shraddha Jadhav said, “I know that there is some court case, but I am not aware of this development. I was out of town for the last couple of days. I will look into this and get back to you.”
Properties to be seized:
>> Jadhav’s current residence at Edenwalla Compound on Ambedkar Marg in Parel
>> A flat at Seawoods Estate Ltd in Nerul, Navi Mumbai.
>> Hotel Mukund Kripa on 10 to 12 hectares, and a plot measuring about 2.21 hectares, both at Dhamni in Sangli district.