PMC Bank scam accuse, HDIL’s Rakesh Wadhawan had gifted the Wadahawan House in Bandra as gift to the trust in 2018. The Trust is Wadhawan Family Personal Assets Trust.

By Varun Singh

HDIL’s Rakesh Wadhawan and his wife Malti Wadhawan gifted the Wadahawan House located in Bandra to the family trust.

The trust is named Wadhwan Family Personal Assets Trust and has Anu Wadhawan, Malti Wadhawan, Rama Joshi and Madhuri Motwani as the trustees.

According to documents available with SquareFeatIndia Wadhawan House stands on a land measuring 9001 square foot.

The property has a built up area of 14, 585 square foot and is located in Bandra’s Pali Hill area.

HDIL’s promoter Rakesh Wadhawan and his wife Malti Wadhawan gifted the property to the family trust on November 3, 2018.

PMC Bank Scam accuse HDIL's Rakesh Wadhawan gifted Bandra Bungalow in 2018 to trust
PMC Bank Scam accuse HDIL’s Rakesh Wadhawan gifted Bandra Bungalow in 2018 to trust

Documents reveal that Wadhawan House comprises of two basements, a ground floor and three upper floors. A stamp duty of Rs 1.47 crore was paid while registering the gift deed.

The address in the documents show that HDIL’s Rakesh Wadhawan, Malti and Anu reside at Wadhawan House. While the other two trustees have different addresses one is in Khar, the other in Bandra.

Rakesh Wadhawan gifted the bungalow to the trust around 10-11 months before the PMC Bank scam came out in the open.

Since the mismanagement of funds of the bank has come out in the open, HDIL’s Rakesh Wadhawan and Sarang Wadhawan have been facing a stormy weather.

Recently, the recovery cell of PMC Bank had put a luxurious Ferreti Yacht 881 and two aircrafts a Dassault Falcon and a Bombardier Challenger on sale.

Meanwhile, Adani, Sunteck and four other companies have shown interest in acquiring the debt laden HDIL, HDIL, is currently under Corporate Insolvency Resolution Process.

A total of six parties showed interest inĀ acquiring the debt laden HDIL. HDIL is currently under Corporate insolvency resolution process. The details came out via a regulatory filing.

Also Read: Adani, Sunteck show interest to acquire HDIL

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