The Enforcement Directorate will reportedly submit its no objection before a court for disposal of properties mortgaged by HDIL to the PMC Bank. The agency is likely go ahead with this move on Friday, reported India Today.
This development comes a day after RBI Governor Shaktikanta Das chaired a high-level meeting with Enforcement Directorate (ED), Mumbai Police, Economic Offences Wing (EOW) and the administrator of PMC Bank. The primary agenda of the meeting was disposal of assets attached in relation to the PMC Bank case in order to repay the depositors and reconstruct Punjab and Maharashtra Co-operative Bank.
"Once the court clears the disposal of assets mortgaged, seized and secured by agencies in the case, a auction firm will be contacted and the auction process can be started as per the SARFAESI Act. This will help raise funds for recovery of the bank and help the depositors" India Today quoted a senior EOW officer as saying.
HDIL has reportedly securitised forty properties with PMC Bank which has been valued at up to Rs 8,000 crore. HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, who remain behind bars, had appointed Knight Frank through their lawyers and company officials to appraise the securitised forty properties.
Additionally, ED and EOW have attached assets worth over Rs 4000 crore belonging to HDIL promoters and top officials of the PMC Bank. While EOW had already submitted its no objection for auctioning attached assets, the ED was seeking further legal advice on the matter.