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PMC Bank scam: HC sets up panel for sale of HDIL assets

Jan 15, 2020 16:37 IST

The Bombay High Court on Wednesday set up a three-member committee for valuation and sale of encumbered assets of Housing Development and Infrastructure Ltd (HDIL) to expeditiously recover dues payable by the firm to crisis-hit Punjab & Maharashtra Cooperative (PMC) Bank. The encumbered assets are valued at ₹11,000 crores. The fraud at PMC Bank came to light in September last year after the RBI discovered that the bank had allegedly created fictitious accounts to hide over ₹4,355 crores of loans extended to almost-bankrupt HDIL.