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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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PM Modi welcomes Ayushman Bharat rollout in West Bengal

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Prime Minister Narendra Modi on Tuesday welcomed the decision of the new BJP government in West Bengal to implement the Ayushman Bharat health insurance scheme, saying the welfare of the people of the state remains the Centre’s top priority.

The development comes days after the BJP formed its first government in the state under Chief Minister Suvendu Adhikari following the 2026 Assembly elections. During the first cabinet meeting, the Bengal government approved the rollout of Ayushman Bharat along with several other central schemes.

In a post on X, Modi said he was happy that people in West Bengal would now benefit from Ayushman Bharat, which provides health insurance coverage of up to Rs 5 lakh annually to eligible families. He also said the “double-engine government” would ensure seamless implementation of major central welfare programmes in the state.

Ayushman Bharat, launched by the Centre in 2018, is one of India’s flagship public healthcare schemes aimed at providing cashless treatment to economically vulnerable families across the country.

After chairing his first cabinet meeting, Adhikari described the decisions taken by the new government as steps toward “Asol Poriborton” or real change in the state. The BJP secured 207 seats in the 294-member West Bengal Assembly, defeating the Trinamool Congress in the recent elections.

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AIADMK’s CV Shanmugam faction extends support to Vijay-led TVK in Tamil Nadu

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AIADMK

A faction of the AIADMK led by senior leader C.V. Shanmugam on Tuesday announced support to the ruling coalition headed by Tamil Nadu Chief Minister C. Joseph Vijay, adding a fresh twist to the state’s post-election political developments.

The development comes amid an escalating internal power struggle within the AIADMK following the 2026 Tamil Nadu Assembly election results. Reports indicate that the Shanmugam-S.P. Velumani camp has been attempting to consolidate support from party MLAs while differences with the Edappadi K. Palaniswami faction continue to deepen.

According to reports, the Shanmugam faction decided to back the Vijay-led Tamilaga Vettri Kazhagam (TVK) government ahead of a crucial floor test in the Assembly. The move is being viewed as a significant political shift in Tamil Nadu, where parties have been exploring alliances and support arrangements after the fractured mandate delivered in the Assembly polls.

TVK emerged as the single-largest party in the Tamil Nadu Assembly elections with 108 seats, falling short of the majority mark of 118 in the 234-member House. Since the results, multiple political developments and alliance discussions have continued in the state.

The AIADMK has also been witnessing internal disagreements over the legislature party leadership. Reports said rival camps within the party submitted separate claims regarding leadership positions and legislative appointments.

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Himanta Biswa Sarma says Assam may get 18-19 ministers in new NDA government

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Assam Chief Minister-designate Himanta Biswa Sarma on Sunday said the new BJP-led NDA government in the state is likely to have around 18 to 19 ministers in the council of ministers.

Speaking to reporters ahead of the oath-taking ceremony scheduled for May 12, Sarma said discussions regarding the final composition of the cabinet are still underway and no names have been finalised yet.

“There may be around 18-19 ministers, but whether we include new faces or retain experienced ones will depend on the guidance we receive,” Sarma said while responding to questions on cabinet formation.

The swearing-in ceremony of the new Assam government will take place at the Veterinary College ground in Guwahati. Sarma is set to begin his second consecutive term as chief minister after the BJP-led NDA secured a sweeping victory in the Assam Assembly elections.

The NDA won 102 seats in the 126-member Assam Assembly, paving the way for the alliance to form the government for a third straight term in the state.

Sarma also said the new government would continue focusing on Assam’s welfare and development over the next five years, adding that the alliance had received a strong public mandate in the elections.

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