DHFL seeks loan dues of Rs 112 cr from Pune-based realtor, guarantors

Dewan Housing Finance (DHFL) has issued a demand notice for loan overdues of over Rs 112 crore from Pune-based Landscape Realty and its guarantors, which include entities and individuals linked to the 187-year-old PNG Jewellers, a popular chain of gold retailing shops.

In a newspaper advertisement, DHFL said it has classified a borrowing by Landscape as a non-performing asset (NPA) for non-payment of loan, and issued notice to the company and guarantors, including corporate guarantors Gadgil Holdings Private Limited and Dajikaka Gadgil Developers Private Limited, and also individual guarantors Saurabh Gadgil and Radhika Gadgil, for paying dues of Rs 112 crore as of August 28.

In a statement, Saurabh Gadgil, who is the chairman and managing director of PNG Jewellers termed this news as "fake" and alleged that his company's name is being dragged into it with "malafide intent".

The PNG Jewellers statement said the company is neither an investor nor a partner in Landscape Realty, and added that the developer is an "independent entity in the real estate business".

Landscape Realty is based in the PNG House in Pune's Narayan Peth, as per the advertisement.

An attempt made to reach out to DHFL for the notice did not elicit any response.

The borrower has availed a loan from DHFL and has failed to pay pre-equated monthly instalments (PEMIs)/ Equated Monthly Instalments (EMIs) of their loans to DHFL, the notice read.

DHFL has issued a notice dated 28/8/2020 u/s 13 (2) of the SARFAESI Act to demand an outstanding loan amount of Rs 112,88,98,901/ as on 28/8/2020, with any further interest, non-compliance charges, incidental expenses, costs and any other charges etc, may accrue from 29/8/2020 till the date of repayment of liability in full, it added.

The borrower, guarantors, and mortgagors have provided security of the immovable properties (secured assets) to DHFL, the notice further read.

If the borrowers, guarantors and mortgagors fail to repay the outstanding dues within 60 days from the date of notice, DHFL will be constrained to initiate measures as per SARFAESI Act to recover the amount due, the notice mentioned.

The securities held by DHFL include a 14 lakh square feet plot at Pune district Maval tehsil which has a project by the name of 'Anantsrushti' where over 1,100 units are unsold, the notice said.

"There is a strong reason for us to believe that this rumour mongering and dragging our name into this issue is done with malafide intent...these rumours are being spread with the intent to malign our reputation and hurt our business. We are not even borrowers of the said loan," Saurabh Gadgil said.