Page 2 - Hdil

PMC Bank disclosed only Rs 439.6 cr exposure to HDIL of Rs 6,226 cr: Report

The Reserve Bank of India has reported that the fraud was perpetrated by the PMC Bank by withholding and falsifying pertinent information about its exposure to HDIL

Closely monitoring situation at PMC Bank, forensic audit underway, says Das

PMC Bank was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans

HDIL promoters diverted Rs 160-crore PMC loans to 3 Delhi-based hotels: ED

The 3 hotels belong to Rakesh Wadhawan and his family, says ED

Did not know about loans to HDIL, says PMC Bank director in bail plea

Surjit Singh Narang, one of the directors of scam-hit Punjab & Maharashtra Cooperative Bank, has claimed in his pre-arrest bail plea in a court here that he was not aware of the loans given by the bank to the HDIL group. The Economic Offences Wing (EOW) of Mumbai Police has arrested five persons in the Rs 4,355 crore PMC Bank scam, including promoters of realty group HDIL and top bank officials. Narang (71) has filed an anticipatory bail application before additional sessions judge S T Soor here. The FIR registered by the EOW did not name him, but it was "wide enough" to include him, his plea said. He was one of the promoters and share-holders of the bank, but not involved in its "day-to-day operations", it said. He was not aware of the loans given to HDIL, and there was nothing to show that he was connected with alleged "falsification of records and concealment of information" (to hide these loans), Narang said. As per the EOW, the bank management concealed from the banking ...

FM Sitharaman faces irate PMC Bank depositors, promises legislation

The minister said she will speak to RBI Governor Shaktikanta Das about the interest of the depositors and convey their urgency and distress

Will protect depositors' interests, PMC chief assures RBI governor

The meeting with Das, deputy governor and other senior officials of the Central bank came after police authorities confirmed the death of one more depositor, Fattomal Punjabi (61) due to natural cause

HDIL's Wadhawans sent to ED custody till October 22 in PMC Bank scam case

The duo had been arrested by the Economic Offences Wing (EOW) of Mumbai Police in connection with the case earlier this month

PMC Bank depositors hold protest outside RBI headquarters in Mumbai

The depositors gathered outside the RBI around 11.45 am and held protests by showing placards and chanting slogans against PMC Bank and the RBI, a police official said

Spoken to RBI guv, concerns of PMC Bank's customers will be addressed: FM

Assuring account holders of troubled Punjab and Maharashtra Co-operative Bank of support, Finance Minister Nirmala Sitharaman on Saturday said that she has spoken to the RBI governor, who assured that customers' concerns will be taken on top priority. The bank was put under "directions" by the Reserve Bank of India (RBI) last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at Rs 25,000. "Spoken to governor @RBI on the #PMCBank matter. He assured me that clients & their concerns will be kept on top priority. I wish to reiterate that @FinMinIndia will ensure that customers concerns are comprehensively addressed. We understand the justified worries of the customers," she said in a tweet. PMC is in bad health allegedly due to its exposure to near-bankrupt realty player HDIL, to which it has loaned over 70 per cent of its Rs 9,000 crore in advances. Earlier this week during a media interaction, she had said, ''Finance Ministry may have ...

Reports of our exposure to HDIL and PMC Bank are misleading: DHFL

Debt-laden housing financier DHFL on Tuesday said it has no exposure to HDIL and Punjab & Maharashtra Co-operative Bank, and cautioned against misleading reports that can trigger panic. There have been speculations or rumour mongering about DHFL and possible exposure to Housing Development and Infrastructure Ltd (HDIL)/ PMC Bank, it said in a regulatory filing. "DHFL does not have any exposure to either of them. We would urge everyone to be responsible and not report/state anything incorrect and baseless, which can cause panic amongst the stakeholders in DHFL, especially when the company is in discussions with various stakeholders for finalisation of its debt resolution plan," it said. Also, DHFL's promoter family had separated from HDIL promoters in 2008, and the separation was effected formally by a family-separation agreement in April 2010, it said. "Pursuant to this, the promoters of DHFL & HDIL, and HDIL ceased to be promoters of each other's companies," it added. Earlier

Adequate security cover provided for loans taken from PMC Bank: HDIL

HDIL said it was facing temporary cash flow issues due to the external environment in the real estate sector

Wadhawans, Waryam Singh instructed me to hide bad debt, says Joy Thomas

However, when the accused came face to face, they shifted the onus of their acts onto each other, revealed the remand extension application given by the EOW in a Mumbai court on Monday

Shares of HDIL hit lower circuit; have lost over 50% in 17 trading sessions

Stocks hit 52-week low on Wednesday after reports said the auditors of the realty firm may be included in the ongoing PMC bank scam probe

PMC Bank scam: Custody of Wadhawans, Waryam Singh extended till October 14

Police told the court that they need to interrogate the accused further in connection with the scam

Public sector banks to face legal hurdle in recovering HDIL dues

The ED is in the process of attaching the properties of HDIL

PMC Bank crisis: Ministry of Corporate Affairs to inspect books of HDIL

The ministry will study the books of account, related-party transactions and filings of the company

PMC Bank's suspended MD Joy Thomas blames 'superficial auditing' for mess

The suspended managing director of Punjab and Maharashtra Cooperative (PMC) Bank, Joy Thomas, has blamed the auditors for the mess at the bank, accusing them of only "superficially auditing" the books of the now crippled lender due to "time constraints". In a five-page letter to the Reserve Bank of India (RBI) dated September 21 after a board member blew the lid on the fraud at PMC, which is among the top ten urban cooperative banks, Thomas has confessed to the role of the top management, including a few board members, in hiding the actual NPA numbers and also the actual exposure to the bankrupt HDIL, which is stated to be around Rs 6,500 crore or over 73 per cent of its total loan book of Rs 8,880 crore. While Thomas has not named any auditor in the letter to the RBI written two days before the regulatory clamp down which PTI has reviewed, according to its annual report for FY19, the bank had three auditors -- Lakdawal & Co, Ashok Jayesh & Associates and DB Ketkar & Co ...

PMC Bank scam: EOW arrests HDIL's Rakesh Wadhawan, Sarang Wadhawan

ED registers money laundering case in PMC Bank loan fraud

Aggrieved HDIL home-buyers seek PM Modi intervention to resolve distress

A group of aggrieved home buyers of the scam-hit realty developer HDIL have written to Prime Minister Narendra Modi seeking his intervention to resolve their distress. The Whispering Towers Flat Owners Welfare Association, representing over 450 home-buyers of the HDIL project in suburban Mulund, have in a letter dated September 1, to Modi said they are seeking his intervention as a last resort. According to the letter, over 450 families have paid around Rs 350 crore to the now bankrupt HDIL but the project has been stuck since the past nine years. "The project was launched in 2010 and bookings were accepted since then. But,in the past nine years,only 18 floors of the 46 storeyed-tower have been built, while work has not even started on the second phase,"the association said. Shyam Chittari, a member of the association, has posted the letter on his twitter account. The letter claims HDIL had taken Rs 175 crore from Allahabad Bank, J&K Bank and Syndicate Bank for the ..

Tycoon in trouble: How Sarang Wadhawan's house of cards at HDIL fell apart

Poor cash collections were at the centre of HDIL's problems, said analysts