HDIL’s CFO resigns

New Delhi: Beleaguered realty player Housing Development and Infrastructure Ltd’s (HDIL’s) Chief Financial Officer Darshan Majmudar has resigned. He was also serving as Company Secretary.

The company is undergoing insolvency process. Hence, Majmudar’s resignation from the position of CFO and Company Secretary will be submitted before the members of the committee of creditors for their approval in the coming meeting.

Majmudar put in his papers on 7 July 2020, HDIL said in a regulatory filing.

HDIL did not divulge the reasons behind Majumdra’s resignation.   

In a separate incident, HDIL director Rakesh Wadhawan has been hospitalized after he complained of breathlessness. He has been in the jail since last in connection with Rs 6,670 crore scam involving his company and PMC Bank.

Rakesh and his Sarang were arrested by the economic offence wing of Mubai Police in October last year. They have been named in the FIR registered by RBI.

The EOW of Mumbai Police has mentioned in its charge sheet Rakesh Wadhawan is the main accused of the Rs 6,670 crore fraud. Rakesh slowly and meticulously carried out the fraud and got huge loan from PMC Bank. 

Investigations have found out that the realty firm accounted for as much as 73 percent of PMC Bank’s total loan book. In September last year, the RBI had placed restrictions on the bank and even prevented it from taking fresh deposits or giving loans. The EOW of Mumbai Police has arrested 15 people in the fraud case so far.