Vimal Shah feigned ignorance about the auction notice initially, but later claimed the matter has been ‘settled’
He is the former president of the Maharashtra Chamber of Housing Industry (MCHI) — the apex body of builders here — but today, 19 flats, including retail space, in his Andheri (East) building are up for auction due to non-payment of loans. Hubtown Ltd (previously known as Ackruti City Ltd) owner, Vimal Shah needs to pay Rs 52 crore to the bank by September 6, or flats in his building Hubtown Sunmist will go under the hammer. In fact, in its auction notice, the bank has mentioned the builder can participate in the bidding too. While Shah feigned ignorance initially, he later claimed he had “settled things with the bank”.
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Hubtown Sunmist in Andheri (East). Pic/Prabhanjan Dhanu
Auction details
The notice, a copy of which is available with mid-day, states an e-auction will take place on September 7, between 2-4 pm and an auctioneer has been appointed for the same. While individual cost of the 19 flats ranges between Rs 1.5 crore to Rs 10.1 crore, all the flats are available for R69.4 crore. The notice states, the last day for paying the Earnest Money Deposit by a bidder is September 3, by 5 pm, and flat inspection date has been fixed as August 22.
Shashi Singh from Oriental Bank of Commerce (Large Corporate Branch), Cuffe Parade, confirmed the news saying, “Vimal Shah’s Hubtown Ltd is the company against whom the auction notice has been issued. He owes the bank Rs 52 crore and above and can participate in the auction too.”
Feigning ignorance
On being questioned, Shah blatantly refused knowledge about the notice, saying, “I’m not aware about the notice by the bank.” But he called up after some time and added, “I had settled things with the bank.” He sought details of the notice from this reporter. But when we spoke to the bank about Shah’s claim, Shashi Singh responded by saying, “He hasn’t settled his dues. He still owes the bank money.”
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