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  Business   In Other News  03 Oct 2019  HDIL directors arrested, assets worth Rs 3,500 crore attached in PMC Bank case

HDIL directors arrested, assets worth Rs 3,500 crore attached in PMC Bank case

PTI/ANI
Published : Oct 3, 2019, 6:08 pm IST
Updated : Oct 3, 2019, 6:19 pm IST

More details awaited.

RBI had put PMC PMC strict restrictions including limiting withdrawals at Rs 10,000 and banning the bank from any lending activities for the next six months.
 RBI had put PMC PMC strict restrictions including limiting withdrawals at Rs 10,000 and banning the bank from any lending activities for the next six months.

Mumbai: Housing Development Infrastructure Limited (HDIL) Directors, Sarang Wadhawan and Rakesh Wadhwan, accused of loan default, in Punjab and Maharashtra Cooperative (PMC) Bank case have been arrested on Thursday by Economic Offence Wing. HDIL's assets worth Rs 3,500 crore attached.

It can be noted that RBI had put PMC Bank strict restrictions including limiting withdrawals at Rs 10,000 and banning the bank from any lending activities for the next six months.

The whistleblower report had detailed the massive misreporting of NPAs by the bank, primarily because of its huge exposure to crippled developer HDIL that owes around Rs 6,500 crore to the bank-as much as 73 per cent of its total loan book--as per the whistleblower and also its suspended MD Joy Thomas' admission to the RBI.

More details awaited.

Tags: housing development infrastructure limited, hdil, pmc bank, punjab and maharashtra cooperative bank, sarang wadhawan, rakesh wadhwan
Location: India, Maharashtra, Mumbai (Bombay)