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Tag: HDIL

Mumbai Police, RBI administrator discuss auctioning of HDIL promoters’ assets

Mumbai Police, RBI administrator discuss auctioning of HDIL promoters’ assets

Finance
MUMBAI: The Economic Offences Wing of Mumbai Police is keen to explore the possibility of auctioning at least 18 assets of ‘depreciating value’ seized from HDIL promoters arrested in connection with Punjab & Maharashtra Cooperative Bank fraud case. The city police recently discussed the matter with JB Bhoria, the Reserve Bank of India-appointed administrator of the bank, saying the proceeds raised from the auctions could be infused in the bank and be made available to the beleaguered depositors on a pro rata basis, at least two sources told ET. The move will help provide quick relief to the depositors even as the probe into alleged criminal conspiracy between some officials of PMC Bank and Housing Development Infrastructure Ltd (HDIL) promoters Rakesh and son Sarang Wadhawan is underw...
Andhra Bank withdraws insolvency petition against HDIL

Andhra Bank withdraws insolvency petition against HDIL

Finance
Andhra Bank has withdrawn its insolvency application from the National Company Law Tribunal (NCLT) against HDIL as the realty firm has decided to settle outstanding dues."The company has proceeded for settlement of its balance outstanding dues and has made part payment of its balance dues. The application stands withdrawn from NCLT by Andhra Bank," HDIL said in a BSE filing.The Mumbai-based developer did not disclose the amount it has paid and the dues still owed to the bank.HDIL reported 64 per cent increase in consolidated net profit to Rs 60.87 crore for the quarter ended September, as against Rs 37.03 crore in the year-ago period.Total income, however, fell to Rs 163.07 crore in the second quarter of the current fiscal, from Rs 223.26 crore a year ago. Profit rose sharply as the compa...