PMC Bank crisis: Administrator to hunt a valuation of HDIL's aircraft, yacht

PMC Bank crisis: Administrator to hunt a valuation of HDIL's aircraft, yacht

MUMBAI: The RBI-appointed administrator of scam-hit Punjab and Maharashtra Co-operative Bank has floated an invitation for proposal to appoint a consultant for valuation of two aircraft and a yacht owned by HDIL group firms.

These assets belong to HDIL group firms owned by Rakesh Wadhawan and his son Sarang, the prime accused within the Rs 6,500-crore scam at the cooperative lender.

In November, an area court had allowed the cooperative bank's administrator, J B Bhoria, to sell two aircraft- Dassault Falcon 200 (VT-HDL) and Challenger 300 (VT-PIL)- and one yacht (Ferreti 881 HT).

"The RBI-appointed administrator to PMC Bank intends to monetise a yacht and two aircraft through a transparent process. For the aim, the administration plans to appoint a valuer/consultant and invites proposals from interested parties," the administrator said during a public notice.

Earlier this month, the administrator had invited bids from advisors/process coordinator to sell these three assets.

The Enforcement Directorate (ED), which is probing the scam along side the Mumbai Police's Economic Offences Wing (EOW), has attached the movable properties of the Wadhawans.

These properties comprise 15 luxury cars, a seven-seater speedboat, besides two aircraft and a yacht belonging to HDIL and its promoters.

The ED had earlier told the court that it didn't have any objection to disposal of two aeroplanes and a yacht by the PMC Bank administrator.

RBI Governor Shaktikanta Das had recently said the cooperative bank, with the assistance of professional valuers, is assessing the realisable value of assets mortgaged by borrowers also the assets of the bank which are seized by the EOW and ED.

Das had said the forensic audit report of the bank is probably going to be finalised by the top of this month.

The cooperative bank has been under the RBI's restriction since September 23, 2019, after the regulator found financial irregularities including under-reporting of loans and non-performing assets of land developer HDIL.

In September, PTI had reported that the cooperative lender's actual exposure to the bankrupt HDIL is over Rs 6,500 crore -- which is 73 per cent of its entire assets of Rs 8,880 crore.

In November, the RBI had informed the Bombay supreme court that PMC Bank had used special codes to cover many dummy loan accounts of HDIL and of the 1,800 PMC Bank employees, only about 25 could access these loan accounts.

The regulator had said these few employees used an access code to cover and restrict the visibility of those dummy accounts of the truth developer.