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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.

India News

Tickets? UP Police constables beat up TT on Gorakhdham Express in Kanpur | WATCH

The constables hit him on the head due to which his shirt was soaked in blood.

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UP Police constables beat up TT in Gorakhdham Express

In a shocking incident, the railway head TT was beaten up by two Uttar Pradesh police constables at Kanpur Central Railway Station. According to the reports, the constables were travelling without a ticket on a train from Gorakhpur to Bhatinda, and when the TT asked them to get off the train, they thrashed him fiercely. The incident took place at around 11:30 pm on the Gorakhdham Express on Tuesday.

TT Rambaran, who was on duty, took the train from Lucknow. On Twitter, Aditya Tiwari shared the video of TT narrating the whole incident. He said when he asked for the ticket, the constables said they would get down at Kanpur. After that, when he asked them to step down from the train at the Kanpur station, police constables beat him brutally.

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TT Rambaran also said the constables even tried to throw him off the train, but the passengers who were there on the train helped him save his life. The constables hit him on the head due to which his shirt was soaked in blood.

The victim lodged a complaint against the constables in GRP Kanpur. GRP inspector R.B. Dwivedi said they reached the spot as soon as they received information about the incident. He further said the FIR has been registered and the investigation is underway.

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Delhi news

No CNG sale in Delhi today, Dealers Association calls for protest; here’s why

The reason for the closure of CNG pumps is the non-reimbursement of the electricity bills by Indraprastha Gas Limited (IGL).

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CNG sale in Delhi

The Delhi Petrol Dealers Association (DPDA) has announced that there will be no CNG sale in Delhi on August 10 from 6 am to 10 pm. The reason for the closure of CNG pumps is the non-reimbursement of the electricity bills by Indraprastha Gas Limited (IGL).

Delhi Association called for the protest as the reimbursement of the electricity bill of CNG pumps is not being done by IGL and is long overdue which has been causing them huge losses every day. The protest will affect about 250 CNG pumps in the capital.

In a letter last month, DPDA President Anurag Jain wrote, We have decided to go for no CNG sale on August 10 from 6 am to 10 pm as a mark of protest. He further said the DPDA is forced to take this step due to the reluctance shown by IGL to pay the actual electricity reimbursement of CNG facilities to the dealers of Delhi who are incurring huge financial losses every month.

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In Delhi, the electricity bill of the petrol pumps is paid by IGL, and CNG consumes a lot of electricity. DPDA says that IGL has not been paying the electricity bill for a long time, due to which they are suffering huge losses. And this is the reason the association has announced it will close CNG pumps today.

DPDA said there was a meeting organized with IGL in March 2022 to solve the issue, and IGL even agreed on the reimbursement of the electricity bill. After this meeting, the dealers were assured that the issue would be resolved in a month. DPDA said the issue has not been resolved yet and IGL didn’t fulfill its promise.

The non-fulfillment of DPDA’s demands has led them to take the step of closure of CNG pumps in Delhi on August 10. CNG is currently being sold at Rs 75.61 per kg in Delhi.

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Bihar news

Bihar Grand Alliance 2.0: Nitish Kumar to take oath as CM for 8th time, Tejashwi Yadav as Deputy CM today at 2 pm

The swearing-in ceremony will take place at 2 pm today.

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Nitish Kumar and Tejashwi Yadav

A day after Nitish Kumar resigned as the Bihar Chief Minister and broke his alliance with the Bharatiya Janata Party (BJP), Kumar is all set to take oath as the CM again for the eighth time in his political career. Rashtriya Janata Dal leader Tejashwi Yadav will also take an oath as Deputy Chief Minister for the second time. The swearing-in ceremony will take place at 2 pm today.

Nitish Kumar announced a new grand alliance after resigning from the BJP. The Rashtriya Janata Dal (RJD), the Congress, and the Left parties would be Kumar’s strongest supporters during his upcoming second term as chief minister under Mahagathabandan. He is currently the leader of the Janata Dal (United).

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Mahagathbandhan, also known as the Grand Alliance, consists of political parties such as Rashtriya Janata Dal (RJD), Indian National Congress (INC), Janata Dal (United), and Left parties including Communist Party of India (CPI), Communist Party of India (Marxist–Leninist) Liberation-CPIML (Liberation), and Communist Party of India (Marxist) (CPIM).

RJD leader Tejashwi Yadav, members of the Congress, and members of the Left Front joined Kumar as he made his claim for government formation before the governor by presenting the letter of support from the MLAs.

Nitish Kumar after his first session with the Governor said he has resigned and has informed all his MLAs. He split from the BJP for the second time in nine years. He said his resignation from the party was based on the feedback he received at an interaction with his party’s legislators.

Nitish Kumar charged the BJP with engaging in horse trading by offering some party leaders lucrative positions as ministers.

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