Private sector Yes Bank has taken over the headquarters of Anil Ambani Group due to non-payment of outstanding debts.
Yes Bank captures Santa Cruz headquarters
Apart from this, two other properties were also seized.
Anil Ambani of Reliance Group caught in a debt trap has received another setback. In fact, the private sector Yes Bank has taken over the Santacruz headquarters of Anil Dhirubhai Ambani Group (ADAG) due to non-payment of outstanding debt of Rs 2,892 crore.
Let me tell you here that the Anil Dhirubhai Ambani group wanted to lease the same headquarters last year so that it can raise resources to pay the debt. It is headquartered in 21,432 square meters.
Two other properties also occupied
Yes Bank has also taken possession of two flats in South Mumbai due to Reliance Infrastructure not paying dues. Two other properties are in Nagin Mahal in South Mumbai. Both these flats are of 1,717 sq ft and 4,936 sq ft respectively. In this way, three assets of Reliance Group have come into the possession of Yes Bank.
Let us tell you here that almost all the companies of Anil Dhirubhai Ambani Group (ADAG) are operating from the Santa Cruz office ‘Reliance Center’. However, the financial condition of the group companies has deteriorated considerably during the last few years. Some companies have gone bankrupt, while some have had to sell their stake.
The bank warned the public
Yes Bank said that it had given notice to Reliance Infrastructure on May 6 to repay the outstanding dues of Rs 2,892.44 crore. Despite 60 days notice, the group could not pay the dues. After this, on July 22, we took possession of all three properties of Reliance Group. The bank has warned the general public not to do any kind of transaction regarding these properties.
The reason for Yes Bank’s debt sinking!
A major reason for Yes Bank’s subdued debt is the loans given to ADAG group companies. The high level of Non-Performing Assets (NPAs) has led to a tie-up with State Bank of India-led banks by infusing capital of Rs 10,000 crore into the bank and bringing it out of the crisis. Prior to the relief package for the bank, the government and the Reserve Bank dissolved the board of directors of Yes Bank in March. Also appointed the new Chief Executive Officer (CEO) and Board of Directors of the bank.