PMC Bank crisis: MCA issues request to MHA for lookout circular against HDIL MD, director
Updated : October 01, 2019 10:40 AM IST
HDIL is embroiled in the crisis at Punjab and Maharashtra Cooperative (PMC) Bank, which has extended a substantial amount of loan to the company.
Joy Thomas, PMC Bank's suspended MD, has reportedly admitted to the Reserve Bank of India (RBI) that the bank's actual exposure to the bankrupt HDIL is over Rs 6,500 crore.
HDIL, however, said that it has been facing temporary cash flow issues due to the external environment in the real estate sector.
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