The Hindu Business Line : Mardia Chemicals clarifies

This is with reference to the report "Court receiver takes control of Mardia properties: ICICI Bank hopeful of sale despite DRT stay" (Business Line, June 3). In this connection, I would like to clarify as under:

1. The Court receiver has not taken control of Mardia properties.

2. There is no order for sale of the property.

3. In fact, the Bombay High Court has specifically directed the Receiver not to sell the property or not to dispose us forcibly.

4. Further, it is mentioned in your news that the "Court appointed receiver... has taken possession of the multiple properties in Surendranagar, Gujarat, and is awaiting a sale order from the High Court. This is incorrect.

5. In the site report of the Court Receiver's officer, dated 25.5.04, it is clearly mentioned that they are just starting the inventory work and not taking the possession and the possession will only be taken after completion of inventory work.

The site report clearly mentions that (on page 3): "thereafter Shri Rasiklal Mardia agreed for giving formal possession of the movable and immovable properties of first Defendant company after completing the inventory as per the Court's order dated 1.8.2003 and 12.8.2003." As the Court Receiver did not complete the inventory work and left mid-way there is no question of taking over the possession of the property.

Rasiklal Mardia

Chairman and Managing Director

Mardia Chemicals Ltd

Ahmedabad

Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in

More Stories on : Letters | Non-Performing Assets

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Auction the spectrum

Economic consequences of the CMP

US dollar resumes its long decline

14th Lok Sabha: Mix of youth and experience

Tainted Ministers

Towards an organisational economy

Voter-investor discord

Push hard for quality FDI

Mardia Chemicals clarifies

I-T sops for exporters