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HDIL Group’s Two Planes And Yacht Worth Rs 350 Crore Are On Sale

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The aeroplanes are Dassault Falcon 2000 and Bombardier Challenger 300, which are parked at Mumbai Airport, and Ferretti Yacht 881, which is docked at Galle port in Sri Lanka.

The scam-ridden Punjab and Maharashtra Cooperative (PMC) Bank, which is in trouble due to its huge exposure to HDIL(Housing Development and Infrastructure Limited), has put the group’s two aeroplanes and one yacht on sale to recover its dues.

The aeroplanes are Dassault Falcon 2000 and Bombardier Challenger 300, which are parked at Mumbai Airport, and Ferretti Yacht 881, which is docked at Galle port in Sri Lanka.

All these assets are said to be around Rs 350 crore.

However, the bank has not kept any reserved price for these assets, and the only condition in the advertisement on the bank’s website is that the interested party will have to pay 10 per cent of the bid amount, which the party proposes to pay for these assets as earnest money.

The last date for submitting the bid for the aircraft is August 18, and the bids will be opened on August 21.

The last date for submitting bids for the yacht is August 11, and the bids will be opened on August 17. The RBI-appointed administrator had put restrictions on the PMC Bank in September last year after irregularities were found in the bank’s accounts.

The bank’s total exposure to HDIL group was 73 per cent or Rs 6,500 crore of its loan book. According to RBI norms, a bank can have only 15 per cent exposure to a company, and maximum 20 per cent to a group.

Around Rs 4,000-crore property of the Wadhwans and HDIL group is mortgaged with the bank.

HDIL group’s chairman Rakesh Wadhwan, his son and managing director of the group Sarang Wadhwan, bank’s former chairman Waryam Singh and managing director Joy Thomas were arrested by the police last year and are currently in judicial custody.

Source: Mumbai Mirror

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