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Saturday, Apr 13, 2002

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UTI to move tribunal against RPG Transmission

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MUMBAI, April 12

UNIT Trust of India (UTI) today said that it has decided to initiate legal action against RPG Transmission Ltd in the Debt Recovery Tribunal (DRT) for recovery of dues.

According to a UTI release, the trust has total exposure of Rs 5 crore in 18-per cent NCDs in RPG Transmission, an R.P. Goenka group company.

The total amount due for payment is Rs 172.12 lakh as on April 10, 2002.

The release added, "Despite repeated reminders and advising RPG Transmission during the visit of company's officials on February 5, 2002 to clear the outstanding dues, the company is defaulting in debt servicing by delaying payments."

The interest instalment due as on April 1, 2002 and redemption instalment due on January 3, 2002 is not paid so far, said the release.

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