RBI meets ED, PMC executives on HDIL asset sale: Report

RBI meets ED, PMC executives on HDIL asset sale: Report

A depositor of Punjab and Maharashtra Cooperative (PMC) bank displays a placard during a protest over the bank's crisis, outside the Reserve Bank of India building, in Mumbai. (PTI Photo)

A coordination team to expedite action in the Punjab & Maharashtra Co-operative (PMC) Bank case, between the Reserve Bank of Inda, Enforcement Directorate, the Economic Offences Wing of Mumbai Police and the administrators of the Bank has been formed, according to a Moneycontrol report.

RBI Governor Shaktikanta Das, ED Director Sanjay Kumar Mishra, Mumbai Police Commissioner Sanjay Barve and PMC Bank Administrator JB Bhoria held a meeting on Monday at the RBI headquarters in order to review the situation and see what is to be done further in the Rs 4,355-crore scam case.

The RBI is now looking about the sale of HDIL’s assets, seized by the ED, in order to return the depositors' money, a source told Moneycontrol.

HDIL's properties, worth Rs 3,830 crore was seized by the ED, will be put up for sale by the PMC Bank as directed by the RBI, post seeking the approval of the court, the report says.

The EOW, too, has seized HDIL assets worth hundreds of crores. The total value of the assets seized may exceed the amount of fraud, the source quoted, aa per the news agency's report.

These properties are asked to be defreezed by the Reserve Bank of India in order to initiate the auction process.

“The EOW has already submitted its NOC in court to dispose HDIL’s assets,” the source told Moneycontrol.

The ED also does not have any problem with the sale process, according to another source, the report says. “But it will take a legal view on how to defreeze the assets as they were seized under the PMLA Act,” the source said.

The sources also told, as per the report, that an Ahmedabad-based real estate company is interested in bidding for HDIL’s assets.