17 October,2019 08:56 AM IST | Mumbai | Faizan Khan
HDIL directors Rakesh Wadhawan and son Sarang Wadhawan.
Housing Development and Infrastructure Limited (HDIL) promoters, in a letter on Wednesday, requested the agencies to sell off their attached assets at fair market value, monetise it and begin the process of repaying loans to the Punjab and Maharashtra Co-operative (PMC) bank.
The attached assets include a Ferrtti Yacht 881, a Falcon 2000 Aircraft owned by Privilege Airways Ltd, high-end cars owned by Rakesh and Sarang Wadhawan among other things.
The promoters have written to the Enforcement Directorate (ED), Economic Offences Wing (EOW), ministry of Finance, Reserve bank of India, governor and the deputy Governor.
"We request you to immediately take steps to sell the assets mentioned below at the fair market value and adjust it towards the principal of the loans taken by the respective companies which own the respective assets mentioned in Para 1. Such action for monetisation of these depreciable assets is required to protect the value of the assets so as to fetch a fair market value for the assets and to make available immediate liquidity to start the process of repaying loans to PMC Bank," the promoters said.
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They urged the ED and EOW to take timely action by disposing off the assets to get the fair market value for the same. "We further give our unconditional consent for the appropriation of the money received from the sale of these assets to be adjusted and appropriated towards the principal loan amount procured by us and the respective companies," the letter read.
They said in order to implement the process of monetisation of assets, any approval, consent and necessary formalities required from them would be fulfilled and no hinderance would be created.
The promoters have written to monetise the below assets which have been attached by ED:
According to HDIL, they have securitised enough assets to the PMC banks as compared to the loan taken. They have securitised 40 assets with clear title with the bank.
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