YES Bank Takes Possession Of Reliance Group Headquarters Over Unpaid Dues Of Rs 2900 Crore
YES Bank has now taken the possession of Reliance Group’s headquarters in Mumbai, over unpaid dues of Rs 2892 crore.
YES Bank informed the nation about this possession, and two other flats by publishing a notice in newspaper.
Anil Ambani’s Reliance Group Headquarter Seized
Reliance Group, also known as Reliance Anil Dhirubhai Ambani Group was formed in 2006, as a result of the division of their father Dhirubhai Ambani’s business empire.
It consisted of six companies: Reliance Power, Reliance Infrastructure, Reliance Capital, Reliance Entertainment, Reliance Home Finance and Reliance Health.
Their headquarters is based in a building called Reliance Centre right in Santa Cruz.
Anil Ambani was asked to pay the dues of Rs 2892 crore by YES Bank on May 6th, and had been informed that if they are unable to do so, then their properties will be seized.
Since Anil Ambani was not able to repay the dues, YES Bank has now seized their Santa Cruz headquarters, and two flats in South Mumbai, due to unpaid dues.
Reliance Group Responsible For YES Bank’s Debt
YES Bank is reeling under massive debts, and to make the bank survive, SBI led a banking consortium of lenders and arranged Rs 10,000 crore bail out for YES Bank.
And now, it seems is the payback time as YES Bank has taken possession of Anil Ambani’s headquarters now.
The headquarters is a massive compound measuring 21,000 square meters, while the two flats which were also seized measures 1,717 sq. ft. and 4,936 sq. ft.
In 2019, Anil Ambani had tried to sell off or put on lease their headquarters to arrange fund for repayment of loan, but things didnt work out.
In 2018, Anil Ambani sold their Mumbai electricity business to Adani Group for Rs 18,800 crore, which helped them reduce the debt to Rs 7500 crore.
Anil Ambani has assured that Reliance Infrastructure’s Rs 6000 crore loan will be cleared by 2020-21.
We will keep you updated, as more details come in.