Yes Bank captures Anil Ambani Group's Santacruz-based headquarters without paying Rs 2,892 crore debt

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Mumbai, Thursday 30 July 2020

Yes Bank has taken over the Santa Cruz-based headquarters of the Anil Ambani Group due to non-payment of arrears of Rs 2,892 crore. The bank has also seized two flats in south Mumbai for non-payment of dues by Reliance Infrastructure, according to a notice issued by Yes Bank in a newspaper on Wednesday.

Almost all the companies of Anil Dhirubhai Ambani Group (ADAG) operate from the Reliance Center at the Santa Cruz office. However, the economic condition of group companies has deteriorated significantly over the last few years. Some companies have gone bankrupt.

While some companies have had to sell their stakes. Yes Bank said it had issued a notice to Reliance Infrastructure on May 6 to pay arrears of Rs 2,892.44 crore.

Despite a 60-day notice, the group was unable to pay the outstanding amount. He then took possession of all three properties on 22 July.

The bank has warned the general public not to make any transactions regarding these properties. The ADAG group intended to lease the headquarters last year to raise resources to pay off debt.

Its headquarters are spread over 21,432 square meters. The other two properties are in Nagin Mahal in South Mumbai. The two flats are 1,717 square feet and 4,936 square feet, respectively.

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