PMC scam: Court nod to sell 2 jets, yacht of Wadhawans

Mumbai: A court in Mumbai has allowed the RBI-appointed administrator for the PMC Bank to sell two airplanes and a yacht belonging to HDIL group firms owned by Rakesh Wadhawan and his son Sarang, the prime accused in the Rs 4,355-crore scam at the cooperative lender.

Chief Metropolitan Magistrate R K Rajebhosale on Monday allowed the sale of two aircraft- Falcon 2000 (VT-HDL) and Challenger 300 (VT-PIL)- and one yatch (Ferreti 881 HT).

The administrator had moved the court, seeking its direction to sell the movable assets attached by the probe agencies in connection with the scam at the Punjab & Maharashtra Co-operative Bank (PMC Bank).

The administrator, represented by advocate Ramesh Dube-Patil, told the court that due to the restrictions, the depositors cannot withdraw more than the amount prescribed by the apex bank.

"If the amount, by selling the properties, comes to the loan account of the accused, it would be helpful to the depositors to some extent," the administrator said.

The administrator also submitted that mortgaged and hypothecated assets of the accused are inadequate to satisfy the loan along with the due interest.

Accepting the argument, the court allowed the sale of two aircraft and one yatch. "Amount coming from the auction shall be credited to the loan account of the HDIL and its group companies," the court said.

Rajebhosale directed the administrator to submit a detailed report of auction and its procedure before the court immediately after the sale.

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Free Press Journal