The premises of the unit were seized following the order of a civil court in Ranga Reddy district. A strong police picket has been set up at the plant site.

Following a Court order, a consortium of over 12 banks assessed the premises of Sanghi Polyester to consider it for auction in order to recover more than Rs 2,000 crore in dues.

On Saturday, a team of officials visited the Sanghi project site located in Ranga Reddy district, around 45 km from here and got the premises sealed through the help of the State police.

Once a very promising flagship of the diversified Sanghi Group, the company is now facing tough times . Family members are a divided lot over the project development strategy and respective shareholding.

The premises of the unit were seized following the order of a civil court in Ranga Reddy district.

A strong police picket has been set up at the plant site.

Around 350 employees were on its rolls before the company shut down operations. A section of workers is still on its rolls but have been on protest seeking payment of wages.

Tension prevailed at the project site when a section of employees sought to resist the entry of police. They were arrested.

The CPI State Secretary, Mr K. Narayana, urged that cases be booked against the owners of the company for cheating the banks and letting down employees.

vrishi@thehindu.co.in

(This article was published on March 11, 2012)
XThese are links to The Hindu Business Line suggested by Outbrain, which may or may not be relevant to the other content on this page. You can read Outbrain's privacy and cookie policy here.