Sell assets to pay PMC bank: HDIL promoters write to agencies

Updated: Nov 06, 2019, 14:32 IST | Faizan Khan | Mumbai

The attached assets include a Ferrtti Yacht 881, a Falcon 2000 Aircraft owned by Privilege Airways Ltd, high-end cars owned by Rakesh and Sarang Wadhawan among other things.

HDIL directors Rakesh Wadhawan and son Sarang Wadhawan.
HDIL directors Rakesh Wadhawan and son Sarang Wadhawan.

Housing Development and Infrastructure Limited (HDIL) promoters, in a letter on Wednesday, requested the agencies to sell off their attached assets at fair market value, monetise it and begin the process of repaying loans to the Punjab and Maharashtra Co-operative (PMC) bank.

The attached assets include a Ferrtti Yacht 881, a Falcon 2000 Aircraft owned by Privilege Airways Ltd, high-end cars owned by Rakesh and Sarang Wadhawan among other things.

The promoters have written to the Enforcement Directorate (ED), Economic Offences Wing (EOW), ministry of Finance, Reserve bank of India,  governor and the deputy Governor.

“We request you to immediately take steps to sell the assets mentioned below at the fair market value and adjust it towards the principal of the loans taken by the respective companies which own the respective assets mentioned in Para 1. Such action for monetisation of these depreciable assets is required to protect the value of the assets so as to fetch a fair market value for the assets and to make available immediate liquidity to start the process of repaying loans to PMC Bank,” the promoters said.

They urged the ED and EOW 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," the letter read.

They said in order to implement the process of monetisation of assets, any approval, consent and necessary formalities required from them would be fulfilled and no hinderance would be created.

The promoters have written to monetise the below assets which have been attached by ED:

  • FerrttiYacht 881 hardtop owned by Sapphire Land Development Pvt. Ltd. (Purchased for Euro 52,95,000)
  • Falcon 2000 Aircraft owned by Privilege Airways Ltd.
  • Audi AG Imported (MH-04-DJ-4090) owned by Sarang Wadhawan
  • Rolls Royce Phantom (MH-43-Q-0001) owned by Rakesh Wadhawan
  • Bentley Continental (CH-01-AR-5500) owned by Rakesh Wadhawan
  • BMW 730 LD (MH-48-F-5) owned by Rakesh Wadhawan
  • Toyota Fortuner (MH-06-AZ-5337) owned by Rakesh Wadhawan
  • Mahindra Bolero (MH-04-DR-658) owned by Rakesh Wadhawan
  • Ambassador (MRH 5171) owned by Rakesh Wadhawan
  • Range Rover (MH-04EK-2100) owned by Sapphire Land Development Pvt. Ltd.
  • Range Rover (MH-11-BV-0055) owned by privilege Industries Ltd.
  • Toyota Innova (KA 04 MH 2696)
  • 'Toyota Fortuner (MH 06 AZ 5337)
  • Mahindra Bolero (MH 04 DR 658)
  • Audi Car (MH 04 DJ 4000)
  • 2 Electric Cars
  • 3 Quad Bikes (ATV)
  • speed boat (Dolphin super deluxe 31HT, 7 seater)

 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.

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