Yes Bank has started the process for obtaining physical possession of Reliance Centre, the headquarters of Anil Ambani’s Reliance Group in Mumbai. The bank is seeking to either sell the property to realise its dues, or may move its headquarters there.
In July, the private lender had taken symbolic possession of the sprawling complex situated off the Western Express Highway and overlooking the Mumbai airport. The action was taken under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act to recover dues of Rs 2,892 crore from Reliance Infrastructure. In terms of the act, the bank has to give a two-month notice before taking possession, which the bank had done in May.
Speaking to TOI, Yes Bank MD & CEO Prashant Kumar said, “This is a security for our loan. We had already taken symbolic possession, now we are moving to take physical possession. We would like to monetise it, but we may also move our offices there.”
A Reliance Infrastructure spokesperson said, “The matter is sub judice, and as legally advised, the company will take all effective steps to protect its interest.” Sources close to the group said that it is premature for Yes Bank to make plans for the property as the legal process could go on for some time. ToI