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This article is more than 1 year old.

YES Bank takes possession of Anil Ambani's ADAG headquarters after Rs 2,892 cr loan default

YES Bank takes possession of Anil Ambani's ADAG headquarters after Rs 2,892 cr loan default
YES Bank had issued a demand notice to Reliance Infrastructure for repayment of Rs 2,892.44 crore dues within 60 days on May 5, 2020, and as Anil Ambani, Chairman of the company failed to repay the dues, the bank has taken possession of the Anil Dhirubhai Ambani Group headquarters 'Reliance Centre'.
The property, measuring 21,432 sq ft is in Santacruz East, Mumbai. The bank has also taken possession of two floors of RInfra property at Nagin Mahal, Mumbai.
The Ambani-led group is one of the biggest borrowers of YES Bank with an exposure of over RS 12,000 crore. The bank took possession of the building on July 22 under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFESI) Act.
Ambani was was questioned by the Enforcement Directorate (ED) on March 19 on ADAG's position with respect to its exposure with YES Bank. Ambani had then told ED officials that all financial deals between ADAG and YES Bank were in compliance with the law. He added that the group was committed towards repaying all dues via asset monetisation programmes.
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