HDIL joins the gang of scamsters

HDIL had been holding the mantle as the top loser on the BSE since opening bell. The stock price which has been quite volatile for the past couple of days, slumped almost 7% to Rs.41.50; not very far from its 52-week low of Rs.39.70.

In this season of scams, HDIL too joins the dubious rank.

There is a serious allegation against the company. MHADA, the Maharashtra state housing authority, has accused a builder- Guruashish Construction, of illegally selling chunks of its land to other developers and failing to build 3,000 flats for public housing in the redevelopment of Patra Chawl at Siddarth Nagar in Goregaon (west). 

More serious, the builder did not bother to rehabilitate any of the 672 tenants of the chawl, who were to get new houses under an agreement signed 10 years ago.

Guruashish Construction is a subsidiary of HDIL and is part of the National Company Law Tribunal for insolvency after it failed to repay its various lenders.

MHADA has alleged that HDIL has duped it to the tune of Rs.1200 crore.