In a major relief expected for the aggrieved PMC bank depositors, Mumbai police has agreed to release the attached properties of HDIL for auction in connection with the PMC bank scam.
Mumbai police have agreed to the request of RBI appointed administrator to release the properties for auction, a senior police official told ANI.
The official also added that they are ready to do this but would require court's approval for the same, hence the Economic Offences Wing (EOW) will soon approach the concerned court for its approval regarding the same.
RBI appointed administrator JB Bhoria had written to EOW to release the properties of Wadhawans (HDIL) so that those properties can be auctioned.
EOW is likely to approach the court in 2-3 days to get the provisionally attached properties detached.
This can bring huge relief for the depositors as the EOW attached properties of Wadhawans are worth Rs 3500 cr and if auctioned, PMC will be in a state to give the depositors their money back.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app