Monday, Jul 13, 2020 | Last Update : 12:11 AM IST

110th Day Of Lockdown

Maharashtra2384611326259893 Tamil Nadu134226859151898 Delhi110921876923334 Gujarat40155281832023 Uttar Pradesh3509222689913 Karnataka3341813838545 Telangana3222419205339 Andhra Pradesh2723514393309 West Bengal2710917348880 Rajasthan2334417634499 Haryana2038114912297 Madhya Pradesh1720112679644 Assam15537984936 Bihar1503910991118 Odisha11956797273 Jammu and Kashmir92615567149 Punjab71404945183 Kerala6535370828 Chhatisgarh3526283514 Uttarakhand3305267246 Jharkhand3192217022 Goa203912078 Tripura177313241 Manipur14357930 Puducherry120061916 Himachal Pradesh110182510 Nagaland6733030 Chandigarh5234037 Arunachal Pradesh2871092 Mizoram2031430 Sikkim134710 Meghalaya113451
  Metros   Mumbai  23 Nov 2019  ED doesn’t oppose sale of Wadhawans’ planes, yacht

ED doesn’t oppose sale of Wadhawans’ planes, yacht

THE ASIAN AGE.
Published : Nov 23, 2019, 2:31 am IST
Updated : Nov 23, 2019, 2:31 am IST

The case pertains to the Rs 4,355 crore Punjab and Maharashtra Cooperative (PMC) Bank scam.

While the EOW had already given its consent to dispose of these properties, the ED in its earlier reply gave only partial consent.
 While the EOW had already given its consent to dispose of these properties, the ED in its earlier reply gave only partial consent.

Mumbai: Responding to the application, seeking the court’s permission to auction seized perishable properties of HDIL, the ED Friday objected to the sale of vehicles of the Wadhawans’. The ED, however, said that it does not have any objection to the sale of a yacht and two airplanes owned by them. The case pertains to the Rs 4,355 crore Punjab and Maharashtra Cooperative (PMC) Bank scam.

While the EOW had already given its consent to dispose of these properties, the ED in its earlier reply gave only partial consent. ED counsel Kavita Patil stated that the ED had no objection if the PMC administrator disposed of the two airplanes and the yacht. As far as other seized articles were concerned however, the applicant was required to approach the adjudicating authorities as per provisions of the Prevention of Money Laundering Act (PMLA). After hearing the arguments, the chief metropolitan magistrate R.K. Rajebhosale reserved order on the plea till Monday.

The RBI-appointed administrator for the PMC Bank had moved the metropolitan magistrate court, seeking permission to sell moveable assets attached by the investigating agencies. Advocate Ramesh Dube-Patil, on behalf of the PMC administrator, had filed the plea, contending that mortgaged and hypothecated assets of the accused were inadequate to satisfy the loan along with due interest. Hence, it would be in the “interest of justice” to allow the administrator to dispose of the attached moveable assets. The application had informed the court that the accused had also requested disposal of the moveable assets through their letter dated October 16, 2019.

The EOW registered a case, accusing the PMC bank management of colluding with the Wadhaw-ans to conceal the scrutiny of loan defaults by HDIL.

Tags: hdil, punjab and maharashtra cooperative bank