The Bombay High Court had recently, in an order, allowed the plea of HDIL directors -- Rakesh Wadhawan and Sarang Wadhawan -- to shift them from Arthur Road jail to their residence to enable them to sale their assets.
The assets listed in the letter include ultra-luxury cars such as a Rolls Royce Phantom, Bentley Continental, a BMW 730 LD, as well as a humble Ambassador, owned by Rakesh Wadhawan.
Sanjay Gulati went to a protest march held outside a city court on Monday morning and had been under stress because of his deposit being stuck with the bank.
The bank has come on the regulatory radar after Housing Development & Infrastructure Ltd and its directors failed to repay a Rs 4,355 crore loan taken from PMC Bank putting the bank under liquidity stress.
Absconding since the past four days, Joy Thomas' arrest came a day after the Chairman and the Managing Director of HDIL were arrested by the Economic Offences Wing (EOW) of the Mumbai Police.
Rakesh Kumar Wadhawan, the Chairman, and Sarang Wadhawan, Managing Director of HDIL were arrested by the Economic Offences Wing (EOW) of the Mumbai Police earlier on Thursday.
The debt-ridden realty firm has appointed Abhay Narayan Manudhane as the interim resolution professional (IRP) to run the insolvency proceedings. HDIL's downfall is a pointer to the crisis the real sector is going through.
