PNG Jewellers Strongly Refutes Allegations of Loan Defaults with Dewan Housing Finance Corporation Limited

Pursuant to the demand notice issued dated 17th September 2020 in select newspapers in Pune naming chairman and managing director of PNG Jewellers as a “Guarantor” to a loan borrowed by Landscape Realty, PNG Jewellers today issued a clarification on the same.

PNG Jewellers, is neither an investor nor a partner in the said firm, Landscape Realty or a borrower with Dewan Housing Finance Corporation Limited. The demand notice mentions Mr. Saurabh Gadgil and Mrs. Radhika Gadgil as Guarantors to the loan borrowed by Landscape Realty and not as Borrowers themselves. PNG Jewellers has a completely independent team of Bankers, Auditors, Directors and Management and is not aligned to any operations of Landscape Realty which is an independent entity in the real estate business having its independent teams and offices.

Chairman and Managing Director of PNG Jewellers, Mr. Saurabh Gadgil said,” There is a strong reason for us to believe that this rumour mongering and dragging our name into this issue is done with malafide intent. We are a Marathi business power house and have always stood for ethical business practices, transparency and upholders of our customer’s trust throughout our 187 year old legacy. These rumours are being spread with the intent to malign our reputation and hurt our business. We are not even borrowers of the said loan. We urge people to not believe in these rumours and forwarded whatsapp messages without necessary fact checking. This news is nothing but Fake. We have already lodged a complaint with the Police department as well as the Cyber cell to get to the bottom of this matter. We are hopeful that those who are spreading such malicious fake news shall be investigated and punished as per the law of the land. PNG Jewellers will continue to serve its customers with the same values that it stands for, for nearly two centuries. We shall take any legal recourse as maybe available to us to clear our name in this matter”

Courtesy: Retail Jeweller India News Service.