PMC bank fraud: HDIL promoters sought meeting with bank on day of arrest

MUMBAI: Two days before their arrest on Thursday in the PMC Bank case, HDIL promoters

Rakesh Wadhawan

and son Sarang wrote to the bank informing it that they were willing to extend additional security (assets) and a plan to settle outstanding amounts on loans.


"I refer to my letter of September 30 wherein I requested you for a personal meeting. I thank you for your prompt response for having agreed to meet me today at such short notice. I visited you at your office today and clarified that all borrowings from your bank have been correctly and duly reflected in the balance sheet of the respective companies," the letter, signed by Sarang and marked to RBI, stated.



"I further assured you that all borrowings are secured by assets. One of the thoughts emanating from you was to extend further security towards the borrowings. Also in line with my suggestion, we discussed submission of a plan towards repayment of outstandings. I informed you that I am willing to extend further security and to that end shall come back to you with a list of assets," Sarang says in the letter, going on to state that at that stage a crowd had gathered outside the bank and for his own security he suggested that he leave. He wrote that while parting, he assured the bank that he shall revert with a list of assets on October 3 (Thursday) due to "an intervening public holiday" (Gandhi Jayanti, October 2).



But on Thursday, the Wadhawans were summoned by EOW and by evening both were placed under arrest.