Valuate HDIL's yacht, 2 aircraft, says adminitrator

Mumbai: The RBI-appointed administrator of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank has floated a request to appoint a consultant for the valuation of two aircraft and a yacht owned by the HDIL group firms.

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

The Enforcement Directorate (ED) had earlier told the court that it did not have any objection to the disposal of the two airplanes and yacht by the PMC Bank administrator.

Earlier this month, the administrator invited bids from advisors/process coordinators to sell these three assets. These assets belong to the HDIL group firms owned by Rakesh Wadhawan and his son Sarang, the prime accused in the Rs 6,500 crore scam at the cooperative lender.

The ED, which is probing the scam along with the Mumbai police’s Economic Offences Wing (EOW), has attached the moveable 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 administrator said in a public notice, “The RBI-appointed administrator to PMC Bank intends to monetise a yacht and two aircraft through a transparent process. For the purpose, the administrator plans to appoint a valuer/consultant and invites proposals from interested parties.”

RBI governor Shaktikanta Das had recently said that the cooperative bank, with the help of professional valuers, was assessing the realisable value of assets mortgaged by borrowers as well the assets of the bank, which have been seized by the EOW and ED.

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