In a move aimed at giving a huge relief to the PMC Bank account holders, the administrator appointed by Reserve Bank of India (RBI) for scam-hit Punjab & Maharashtra Cooperative (PMC) Bank has asked for permission from the Economic Offences Wing (EOW) of Mumbai Police to sell attached properties of Housing Development Infrastructure Ltd (HDIL) and the company promoters, says a report.
In the report, the Economic Times says, the Mumbai police will soon seek court approval to hand over the assets to the RBI administrator. Confirming the developments, EOW chief Rajvardhan Sinha told the newspaper, "We have received a communique from the RBI asking us to de-attach the properties in the PMC case. We have given them an in-principle no-objection certificate."
The promoters of HDIL, Rakesh and Sarang Wadhawan had given their consent to the auction, and the police will approach the competent court by the end of this week to release all provisionally attached movable and immovable property, estimated to be worth over Rs 3,500 crore, the newspaper said.
The planned auction will be carried out under provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act, 2002, which allows banks and financial institutions to sell properties of defaulters to recover loans, the ET report says quoting two people with knowledge of the matter.
