Officials searching ways to expedite sale of HDIL assets

Officials searching ways to expedite sale of HDIL assets
19/11/2019 , by , in News/Views

At a specially convened meeting on Monday, Reserve Bank of India (RBI) Governor Shaktikanta Das, Enforcement Directorate (ED) Director SK Mishra, Mumbai Police Commissioner Sanjay Barve and Punjab & Maharashtra Co-operative Bank administrator JB Bhoria discussed ways to expedite the legal process of enabling sale of assets attached in the PMC case, sources said.

The assets belong to Housing Development & Infrastructure Limited (HDIL), which is accused of causing a loss of around Rs 4,335.46 crore to the bank by way of unpaid loans since 2008, and accused persons in the case.

The assets must be defreezed/released with court’s nod, the sources said. To expedite the process leading to the sale, which is aimed at enabling the bank to recover its losses so that it can provide relief to depositors, a multiagency co-ordination team has been set up, they said.

While the ED is investigating the case’s money-laundering aspect, based on a first information report registered by Mumbai Police’s Economic Offences Wing (EOW) to investigate the corruption aspect. According to the sources, the RBI has urged ED and EOW to defreeze the attached properties. Monday’s high-profile meeting took place at the RBI headquarters.

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