Millennium Post

PMC crisis: Administrator to seek valuation of HDIL's aircraft, yacht

Mumbai: The RBI-appointed administrator of scam-hit Punjab and Maharashtra Co-operative Bank has floated a request for proposal to appoint a consultant for valuation of two aircraft and a yacht owned by HDIL group firms.

These assets belong to HDIL group firms owned by Rakesh Wadhawan and his son Sarang, the prime accused in the Rs 6,500-crore scam at the cooperative lender.

In November, a local court had allowed the cooperative bank's administrator, J B Bhoria, to sell two aircraft- Dassault Falcon 200 (VT-HDL) and Challenger 300 (VT-PIL)- and one yacht (Ferreti 881 HT).

"The RBI-appointed administrator to PMC Bank intends to monetise a yacht and two aircraft through a transparent process. For the purpose, the administrator plans to appoint a valuer/consultant and invites proposals from interested parties," the administrator said in a public notice.

Earlier this month, the administrator had invited bids from advisors/process coordinator to sell these three assets.

The Enforcement Directorate (ED), which is probing the scam along with the Mumbai Police's Economic Offences Wing (EOW), has attached the movable properties of the Wadhawans.

These properties comprise 15 luxury cars, a seven- seater speedboat, besides two aircraft and a yacht belonging to HDIL and its promoters.

The ED had earlier told the court that it did not have any objection to disposal of two airplanes and a yacht by the PMC Bank administrator.

RBI Governor Shaktikanta Das had recently said the cooperative bank, with the help of professional valuers, is assessing the realisable value of assets mortgaged by borrowers as well the assets of the bank which have been seized b

y the EOW and ED.

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