Money & Banking

Indiabulls chief says can't appear before ED due to Coronavirus travel ban

Our Bureau Mumbai | Updated on March 20, 2020

Indiabulls Chairman Sameer Gehlaut has informed Enforcement Directorate that he is unable to appear before the investigating agency due to travel ban following the Coronavirus epidemic

Gehlaut informed ED that he is currently in UK and happy to visit their offices for any information regarding loan to Rana Kapoor on 40 Amrita Shergill property as soon as the ban of flights from UK to India is lifted by the Centre.

“In the meantime, the company has already submitted all information and records for the loan," Indiabulls said in a statement.

Indiabulls Housing has no loans outstanding from Yes Bank. Rana Kapoor and family bought the 40 Amrita Shergill property in September 2017 and registration of the property happened on September 15, 2017. They mortgaged the property to Indiabulls Housing in November 2017 and Indiabulls Housing gave a loan of ₹285 crore on the property.

Additionally, Indiabulls Housing took Personal Guarantee of Rana Kapoor and family whose networth at the time of taking the loan was over ₹7,000 crore as per their holdings in Yes Bank. In March 2016, ICICI bank and DCB bank had given a loan of ₹380 crore on the same property to Thapars and valued the property at ₹550 crore in their records. Indiabulls Housing core business is giving loans and has over 5 lakh customers who have borrowed from Indiabulls Housing for home loans/loans against property

Published on March 20, 2020

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