IHFL treats HDIL's Rakesh, Sarang Wadhawan as defaulters

Classifies account as non-performing asset

Indiabulls Housing Finance (IHFL) has declared Rakeshkumar Kuldipsingh Wadhawan and Sarang Wadhawan as loan defaulters. Their loan accounts have been classified as non-performing asset.

IHFL has given them 60 days time to clear dues. If they fail to pay up, the company may proceed to take possession of mortgaged property in Goa.

The amount due is about Rs 46 crore.

IHFL slapped notice on borrowers (Wadhawan’s) under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002.

According to Bombay Stock Exchange data, Rakesh K Wahawan and Sarang Wadhawan are amongst the promoters of Housing Development & Infrastructure Ltd (HDIL). Sarang Wadhawan is vice chairman and managing director of the company.

IHFL said borrowers have failed to maintain financial discipline in loan account. And as per the books of account maintained in the course of business by the company (IHFL), there exists an outstanding amount.

Due to persistent default in repayment, the loan account of the borrower has been classified as non-performing asset. As a consequence, the company (IHFL) is issuing notices, it said.

The company’s spokesperson did not respond to query send through email.

HDIL stock closed at 31.5, 6.62% down on BSE yesterday. The market capitalization (as on Aug 01,2013) of HDIL was about Rs 1,296.81 crore, according to company website.