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PMC Bank case: Promoters of HDIL arrested, property worth Rs 3,500 cr frozen

Rakesh Wadhawan and his son Sarang Wadhawan, promoters of HDIL that set off the massive crisis at the Punjab Maharashtra Co-operative (PMC) Bank, were arrested today.

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Rakesh Wadhawan with his son sarang wadhawan

Rakesh Wadhawan and his son Sarang Wadhawan of the real estate firm HDIL that set off the massive crisis at the Punjab Maharashtra Co-operative (PMC) Bank, following a loan default of Rs. 6,500 crore, were arrested today – Thursday, Oct 3 – by the Economic Offences Wing (EOW) of the Mumbai Police.

Properties worth Rs 3,500 crore of HDIL have also been frozen by the EOW, reported News18.

Rakesh Wadhawan and Sarang Wadhawan, also the promoters of Housing Development and Infrastructure Ltd (HDIL), were named in a police complaint that also accused the bank’s management of concealing non-performing assets and disbursing loans to HDIL leading to a loss of at least Rs. 4,300 crore.

Rakesh Kumar Wadhawan is the executive chairman of the HDIL, while Sarang Wadhawan is managing director.

The move came a few days after the government issued a look-out circular against the two directors after preliminary findings allegedly revealed financial irregularities at HDIL. A look out circular is issued against a person directing the immigration authorities to ensure that he or she does not leave India through an airport or seaport.

The Mumbai Police had on Monday filed a case against the former bank management and promoters of HDIL in the PMC Bank case and said a special investigation team will be probing it.

Crisis-hit HDIL had said that loans taken from banks, including PMC Bank, were in normal course of business after providing adequate security cover and that it is ready to discuss with the bank to protect the interest of depositors.

PMC’s exposure to HDIL group is reported to be nearly 73% of its total loan book size of Rs 8,880 crore as of September 19, 2019.

Currently, HDIL is reported to be developing various projects at Kurla, Nahur, Mulund and Palghar and has a residential portfolio of 86.22 lakh sq ft under construction.

It has a land reserve of around 193 million sq ft as on March 31, 2019, with 90 per cent of its land reserves in Mumbai Metropolitan Region, as per the 2018-19 annual report. Incorporated in 1996, Mumbai-based HDIL mainly focused on real estate development in the Mumbai Metropolitan Region, which included clearing slum land and rehabilitating slum dwellers.

The main source of revenue of HDIL, for long, has been selling of development rights to other property developers, after developing the slum land. The company reported revenue of Rs 601.20 crore in FY19 and a net profit of Rs 96.19 crore.

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Assam floods death toll rises to 95; over 1.6 lakh affected, 14 districts on high alert

Assam’s flood death toll has climbed to 95 after six more fatalities were reported. More than 1.6 lakh people have been affected, while 14 districts remain on high alert as relief operations continue.

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The flood situation in Assam remained critical on Wednesday after six more people lost their lives over the past 24 hours, taking the death toll during this year’s monsoon season to 95.

According to the state’s Disaster Reporting and Information Management System (DRIMS), widespread flooding continues to affect rural and urban areas, with more than 1.6 lakh people impacted across 563 villages.

Of the six latest deaths, five were linked to the general flood situation. Two fatalities each were reported from Biswanath and Sivasagar districts, while one person died in Golaghat. Another person lost their life due to urban flooding in the Mayong revenue circle of Morigaon district. One person has also been reported missing in Udalguri district.

The Dhansiri (South) river at Numaligarh continues to flow above the danger level, prompting authorities to keep 14 districts on high alert. These districts are Golaghat, Lakhimpur, Charaideo, Sivasagar, Biswanath, Dhemaji, Kamrup (M), Jorhat, Sonitpur, Tinsukia, Nagaon, Darrang, Karbi Anglong and Udalguri.

Sivasagar remains the worst-hit district

Among the affected areas, Sivasagar has recorded the highest number of affected residents, with more than 57,000 people impacted. Golaghat and Jorhat are the next worst-affected districts.

Floodwaters have also caused significant damage to infrastructure. According to DRIMS, seven major embankment breaches have been reported, including five in Biswanath at Brahmajan and two in Darrang’s Mangaldoi area. A steel bridge at Cholapothar in Charaideo and a footbridge in Tangla, Udalguri, have also sustained damage.

Agricultural losses have mounted as nearly 16,951 hectares of cropland remain submerged. The floods have also affected more than 35,000 livestock, while around 8,500 animals, mostly in Sivasagar district, have been washed away.

Urban flooding disrupts normal life

Urban flooding continues to affect Kamrup, Kamrup (M), Morigaon and Jorhat districts, impacting 734 people.

In Kamrup (M), State Disaster Response Force (SDRF) and District Disaster Response Force (DDRF) personnel used boats to evacuate 80 people from waterlogged localities, including Satgaon and Hatigaon. Partial waterlogging continues to disrupt daily life in Guwahati’s Juripar and Anil Nagar areas.

The state government has stepped up relief measures by operating 45 relief camps, where 12,356 people are currently taking shelter. Another 59 relief distribution centres are supplying essential items, including rice, dal, salt and cattle feed, to more than 32,000 people.

Authorities are continuing to monitor river levels as the meteorological department has forecast more rainfall in the catchment areas, raising concerns that the flood situation could worsen further.

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Air India turbulence injures 17 on Phuket-Delhi flight, crew suffer spinal injuries, says Minister

Severe turbulence on Air India flight AI2379 from Phuket to Delhi injured 17 people. Four cabin crew members remain under treatment as the DGCA investigates.

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Air India

Seventeen people were injured after an Air India flight travelling from Phuket to Delhi encountered severe turbulence, with Civil Aviation Minister Ram Mohan Naidu saying the disturbance lasted for nearly five minutes. Authorities have launched an investigation into the incident, while four cabin crew members continue to receive medical treatment.

The Airbus A320neo operating flight AI2379 was carrying 137 passengers and eight crew members when it experienced severe turbulence around an hour before landing in Delhi.

According to the minister, passengers recalled that the turbulence lasted between four and five minutes, during which those injured faced significant difficulty inside the aircraft.

Four crew members remain under medical care

The minister said some of the injured cabin crew sustained spinal injuries near the neck and tailbone. Doctors have advised continued medical observation for the affected crew members.

Air India confirmed that all 13 passengers admitted to hospital following the incident have now been discharged. However, four cabin crew members continue to receive treatment.

The airline said its teams remain at the hospitals to support the injured crew members and assist affected passengers and their families.

Medical teams responded immediately after landing

According to the Civil Aviation Minister, medical teams were deployed as soon as the aircraft landed in Delhi.

Passengers received first aid at the airport, while those requiring further medical attention were shifted to Medanta and Fortis hospitals.

The minister also praised the cabin crew, saying they continued assisting passengers for nearly an hour after sustaining injuries until the aircraft landed safely.

DGCA analysing cockpit voice and flight data recorders

The incident is being investigated by the Directorate General of Civil Aviation (DGCA).

According to the minister, the aircraft has been moved to a separate hangar, while investigators are examining both the cockpit voice recorder (CVR) and flight data recorder (FDR) to determine what caused the severe turbulence.

He said the findings will be made public once the investigation is completed.

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Over 43 lakh names removed from Jharkhand draft voter rolls after special revision

The Election Commission has released Jharkhand’s draft electoral rolls after the Special Intensive Revision, with over 43 lakh names removed and 83.51% of registered voters submitting enumeration forms.

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The Election Commission on Wednesday published the draft electoral rolls for Jharkhand following the completion of the enumeration phase of the Special Intensive Revision (SIR), with more than 43 lakh names removed from the voter list.

Jharkhand Chief Electoral Officer (CEO) K Ravi Kumar said the state had 2,64,63,236 registered voters before the Special Intensive Revision exercise began. Following the completion of the enumeration process, the draft electoral roll now contains 2,21,01,249 electors.

According to the CEO, 2,21,01,249 electors, or 83.51 per cent of the total registered voters, submitted their enumeration forms by July 29, reflecting strong participation in the revision exercise.

Door-to-door verification conducted during revision exercise

The enumeration exercise for the Special Intensive Revision began on June 30 and continued until July 29. During this period, Booth Level Officers (BLOs) carried out door-to-door visits to distribute, collect and verify enumeration forms submitted by eligible voters.

Why over 43 lakh names were removed

A total of 43,61,987 names were deleted from the draft electoral rolls after being identified under the Absent, Shifted, Dead or Duplicate (ASDD) category.

The CEO said the deleted names include:

  • 7.63 lakh voters who had died.
  • 15.92 lakh voters who had permanently shifted.
  • 14.50 lakh voters who were untraceable or remained absent during the verification exercise.
  • 4.38 lakh voters whose names were found registered at multiple locations.

In addition, around 1.16 lakh voters refused to sign the enumeration forms and did not return the completed forms to Booth Level Officers during the enumeration phase, the CEO added.

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