Financial Daily from THE HINDU group of publications
Wednesday, Sep 24, 2003
Financial Daily from THE HINDU group of publications Wednesday, Sep 24, 2003 |
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Money & Banking
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Non-Performing Assets Agri-Biz & Commodities - Tea BoI seizes tea unit in Coonoor L.N. Revathy
Coimbatore , Sept. 23 BANK of India has taken possession of a tea factory in Coonoor under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. The move has come at the most unexpected time. The bank's authorised officer in the Coimbatore zone had served a demand notice for recovering a sum of Rs 62.33 lakh on Zion Tea Factory in Coonoor district in early January. Though it was a 60-day notice, the bank has waited for almost 8 months, for the defaulters to respond. When the partners of Zion Tea Factory Mr M. Jaidev and Ms Salomi Jaidev failed to respond, the bank went ahead and took possession. Bank officials told this correspondent that they visited the factory on Saturday last only to find the gates locked and the operations - standstill. The bank had sought the help of the district officials and the Revenue Department to break open the lock and seal the gates. The bank is now taking steps for putting up the properties for sale as per the provisions of the SARFAESI Act.
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