Anil Dhirubhai Ambani group failed to repay Yes Bank’s loan, bank captured group’s Mumbai headquarters.
Private sector Yes Bank Limited has taken over the Reliance Center, the headquarters building of Anil Dhirubhai Ambani Group (ADAG) in Mumbai. In an advertisement published in the Financial Express on Wednesday, the bank stated that it occupied more than 21,000 square feet of its headquarters building in Santacruz (Mumbai) and two floors at Nagin Mahal in South Mumbai, which was its then headquarters.
The building was occupied on July 22 under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFESI).
Yes Bank has taken the step of occupation after Anil Dhirubhai Ambani Group failed to pay the bank’s outstanding of Rs 2,892 crore. In March this year, Ambani had told Enforcement Directorate (ED) officials that the entire risk of ADAG for Yes Bank was completely safe and in compliance with law and financial regulations. Yes Bank owes a total of Rs 12,000 crore to Anil Ambani’s group.
He also said that the group neither has any direct or indirect contact with Rana Kapoor, his wife, and their daughters nor is it in contact with any of the entities controlled by them.
It is noteworthy that in May, the Enforcement Directorate filed a charge sheet against Rana Kapoor, his daughters Roshni Kapoor, Radha Kapoor and Rakhi Kapoor in the Yes Bank fraud case. In addition, Chargesheet also named Morgan Credits, Yes Capital. Presently, Prashant Kumar is seen working as a director of Yes Bank.
It is known that Anil Ambani was the sixth richest person in the world in 2008, but due to large losses in the telecom, power, and entertainment sectors, his debt increased.