The Hindu Business Line : Pennar assets in Hindalco custody

Pennar Aluminium Company Ltd has announced that Hindalco has taken custody of its assets through sale of entire property by the Asset Reconstruction Company (India) Ltd (ARCIL). The company informed the stock exchanges that ARCIL took the possession of its entire property by exercising powers conferred on them under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. After selling the assets to Hindalco, ARCIL has distributed the sale proceeds to the secured creditors in proportion to the credit. Pennar assets have now been in custody of Hindalco from March 4.

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