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No objection if HDIL items are sold off: Sarang Wadhawan

Mumbai: HDIL managing director Sarang Wadhawan told the Bombay High Court on Wednesday that he had no objection if the realty group's assets were sold for recovery of dues of Punjab and Maharashtra Cooperative (PMC) bank.

Sarang and his father, HDIL promoter Rakesh Wadhawan are currently in judicial custody after the duo were arrested in connection with an alleged scam at PMC Bank.

Sarang Wadhawan filed an affidavit on Wednesday in response to a public interest litigation filed by lawyer Sarosh Damania. The PIL seeks quick disposal of HDIL group's assets which have been attached by Mumbai Police's Economic Offences Wing and the ED, and return of the depositors' money.

After a liquidity crisis at the bank came to light in September, the Reserve Bank of India imposed restrictions on withdrawal of funds, leaving depositors high and dry.

A division bench of Justices RV More and SP Tavade earlier this month had directed the Wadhawans to file their reply, and also list all the properties owned by the group. "I have no objection if all encumbered properties are forthwith sold for recovery of monies payable to the bank," he stated in affidavit.