IL&FS rot run deep in reality

MUMBAI: Former Lok Sabha Speaker Manohar Joshi’s son and realty developer Unmesh Joshi has been summoned, along with his former partner Raj Thackeray, by the Enforcement Directorate which is probing an IL&FS related case.

The ED is investigating purported irregularities in the IL&FS's loan and investments worth over Rs 850 crore in Kohinoor CTNL, a realty firm which is building the Kohinoor Squares Tower in Dadar west.

Joshi Junior's company and its investments have already been under a scanner as it is among the prominent defaulters of IL&FS, estimated to be around Rs 135 crore.

Launched over a decade ago by Unmesh Joshi and Thackeray, and the latter's associate, it was planning to buy the defunct Kohinoor Mills No. 3 for Rs 421 crore, in which the IL&FS had pumped in Rs 225 crore.

Suddenly, in 2008, the IL&FS reportedly backed off from the deal and surrendered its shares for only Rs 90 crore, suffering a huge loss, and subsequently, even Thackeray exited after selling his shares.

Later, the IL&FS extended loans to Kohinoor CTNL on which it defaulted. In 2017, the company entered an agreement to sell some commercial and residential properties in the upcoming Kohinoor Square Towers to IL&FS to settle it’s outstanding of around Rs 500 crore in loans. Following this, IL&FS extended another Rs 100 crore to Kohinoor CTNL on which it defaulted.

Incidentally, Joshi's Kohinoor Group is now under control of another Prabhadevi-based company.

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