HDIL promoters write to agencies to sell their assets for making payments to PMC Bank

HDIL promoters Rakesh and Sarang Wadhawan on Wednesday wrote a letter requesting the agencies to sell off their attached assets at the fair market value, monetise it and start the process of repaying loans to Punjab and Maharashtra Co-operative (PMC) Bank.

The promoters have written letters to the Enforcement Directorate, Economic Offences Wing, Ministry of Finance, Reserve bank of India, Governor and Deputy Governor in this regard.

In their letter to the agencies, the promoters have denied the allegations of money laundering and have said that their request is made for the interest of depositors.

"We state that, whilst denying the allegations raised in FIR no. 86/ 2019 and the allegations of money laundering and solely with the purpose to work towards the resolution of the matter in the interest of depositors. We request you to immediately take steps to sell the assets and adjust it towards the Principal of the loans taken by the Respective Companies which owns the respective assets", their letter added.

They further added that such action for monetisation of these depreciable assets is required to protect their value so as to fetch a fair market price and to make available immediate liquidity to start the process of repaying loans to PMC Bank.

The assets that the HDIL promoters have asked to monetise include a Ferretti Yacht 881 hardtop owned by Sapphire Land Development Pvt. Ltd, a Falcon 2000 Aircraft owned by Privilege Airways Ltd, Audi AG Imported owned by Sarang Wadhawan, Rolls Royce Phantom owned by Rakesh Wadhawan, Bentley Continental owned by Rakesh Wadhawan among other luxury SUVs, electric cars and speed boat.

All these properties have already been attached by the Enforcement Directorate.

Earlier on October 14, Union Home Minister Amit Shah had said that more property has been seized compared to the level of fraud in the Punjab and Maharashtra Co-operative (PMC) Bank case and assured investors that their interests will be protected.