Industry & Economy
-
Real Estate & Construction
States
-
Tamil Nadu
A case of `fake' documents
M. Ramesh
Chennai
,
Nov. 16
Two public sector banks play `who has the original documents?'
When Mr Narayanan's company, Annai Builders Real Estates Pvt Ltd, purchased a house in an auction held on behalf of UCO Bank in December, little did he suspect an impending legal tangle. The auction was for a property that was pledged by a borrower of UCO Bank against a cash credit and term loan from it. When the borrower defaulted, the bank took over the property.
Annai Builders paid the Rs 41 lakh and got the property registered in its name.
Then came the bombshell. The company received a letter from Syndicate Bank saying that the original documents were with the bank and thus the company's purchase of the property was invalid in law. The letter also said that Syndicate Bank had warned UCO Bank not to auction the property as it (Syndicate Bank) was in possession of the original documents.
After noting that UCO Bank was requested "not to proceed with the auction as it would only multiply the litigation" the letter from Syndicate Bank's lawyer said, "The said sale made in your favour under the SARFEASI Act by UCO Bank is invalid in law and you would not derive any title since the title deeds relied upon by UCO Bank are not genuine."
When contacted by Business Line, Mr K. Gunasekaran, Deputy Chief Officer (Recoveries), UCO Bank, said that the documents with the bank were the originals. He said that UCO Bank had replied to Syndicate Bank's letter stating that it (UCO) was in possession of original documents. After that there had not been any move by Syndicate Bank against the auction, he said.
Mr Narayanan, however, thinks that UCO Bank's documents may be fake. He told Business Line that the transaction was handled by his office, but "as soon as I saw the documents for myself, I realised they were fake."
For confirmation, he took them to a lawyer, who also confirmed they were not genuine. He has lodged a complaint with the Commissioner of Police, Chennai.
More Stories on :
Real Estate & Construction |
Courts/Legal Issues |
Public Sector Banks |
Economic Offences |
Tamil Nadu
Article
E-Mail
::
Comment
::
Syndication
::
Printer Friendly Page
|
