Financial Daily from THE HINDU group of publications
Friday, Dec 20, 2002

Port Info

Group Sites

Money & Banking - Non-Performing Assets

Model Steels assets seized

Our Bureau

VIJAYAWADA: Andhra Bank has taken possession of Model Steels Private Ltd at Nidamanuru village near here "in exercise of powers conferred under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance, as the company has failed to repay dues of Rs 2.76 crore within 60 days from the date of notice,'' according to a release issued here by the Chief Manager of the bank, Mr S.D. Jayaram.

The bank has seized and taken possession of the assets and it will shortly be inviting bids from interested parties for purchasing them, the note adds.

Send this article to Friends by E-Mail
Comment on this article to

Stories in this Section
Re gains 5 paise; gilts rise

i-flex solution for Bulgarian bank
Nabard pegs Karnataka's credit potential at Rs 9,729 crore
GIC move to transfer stake hits snag
RBI blamed for `slackness'
Corpn Bank eyes overseas turf
Union Bank sells 224 policies in two days
Bank of India hires Deloitte as agent to recover NPAs
Model Steels assets seized
Indian Bank seizes defaulter property in Coimbatore
Union Bank seizes defaulter's assets
Aviva launches `Treasure Plus'

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line