The stock of Housing Development and Infrastructure Ltd has been under pressure after Indiabulls Financial Services accused that its promoters — Sarang and Rakesh Wadhwan — have failed to pay interest worth Rs 3.5 crore accrued on their personal loan worth Rs 46 crore.
The company, in a statement to the exchanges after market hours, has confirmed the development.
HOLD 36% STAKE
“We are informed by the promoters that they have taken a mortgage loan against their property situated at Goa for their personal use and interest on the said loan was not paid. We are informed by promoters that they will be clearing the dues shortly and matter is being sorted out and resolved with the lenders,” HDIL said in a filing to the BSE.
Promoters have 36.17 per cent stake in the company as on June 30.
HDIL said the clarification is with respect to notice served on the promoters of the company under Securitisation and Reconstruction of Financial Assets and enforcement of Security Interest Act, 2002 with regard to their loan from Indiabulls Housing Finance Ltd.
Arun Agarwal, Realty Analyst, Religare Securities said: “The latest development will not have any impact on the company but it is a reflection of the company’s poor financials. It would have a negative sentimental impact in the short-term and signals what lies in store for the company and its lenders. They are passing through a bad phase with no cash and it is getting reflected now.”
The company is scheduled to announce its Q1 result on August 14.
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