Categories: Business

Anil Ambani could not save his group headquarters, Yes Bank, in his possession for not paying the loan


Yes Bank takes possession of Anil Ambani's group HQ in Mumbai for failure to repay dues

Mumbai. Yes Bank has taken over the headquarters at Anil Ambani Group's suburban area, Santa Cruz. Anil Ambani owes the bank a loan of Rs 2892 crore and due to its failure to repay it, the bank has taken over the headquarters of Anil Ambani Group. Yes Bank has also taken over two of its owned flats located in South Mumbai due to non-repayment of loans by Reliance Infrastructure. Yes Bank has published its information in a newspaper in this regard.

Almost all major companies of Anil Dhirubhai Ambani Group (ADAG) operate from this Santa Cruz office. The headquarters is named Reliance Center. The ADAG Group's condition has worsened over the years.

Yes Bank said that it had issued a notice to Reliance Infrastructure on May 6 to repay the loan of Rs 2892.44 crore. On July 22, the bank took over the above three properties for non-payment of dues even after 60 days of notice. The bank has appealed to the general public to take special care while dealing with the said properties. The bank further said that any deal in respect of these properties would be considered to be related to the loan of Rs.2892 crore given by Yes Bank.

Last year, Anil Ambani also tried to rent his headquarters. It has an office area of ​​21,432 square meters. The bank said that two flats located on separate floors of Nagin Mahal in South Mumbai, with an area of ​​1717 sq ft and 4936 sq ft respectively, are also in its possession.

One of the reasons for the highest NPA in Yes Bank is the loans given to ADAG companies. To save Yes Bank from drowning due to high NPAs, a group of banks led by SBI have provided capital of Rs 10,000 crore. Prior to the bailout, the government and RBI disbanded the board of Yes Bank and appointed a new chief executive and board.

On 23 June, Anil Ambani claimed that Reliance Infrastructure, which has a debt of Rs 6000 crore, will become a fully debt-free company this year. In 2018, the company sold its Mumbai electricity business to Adani Transmission for Rs 18,800 crore, helping the company reduce its debt by Rs 7500 crore.

This post was published on July 30, 2020 4:16 pm

Content Team

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