Financial Daily from THE HINDU group of publications
Friday, Mar 21, 2003
Financial Daily from THE HINDU group of publications Friday, Mar 21, 2003 |
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Money & Banking
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Non-Performing Assets `ICICI move to take over SPIC assets futile' Our Bureau
BANGALORE, March 20 THE SPIC Chairman, Mr A.C. Muthiah, has termed ICICI's plans to take over the assets of his company's PTA and PFA projects as a ``futile exercise'' . Mr Muthiah said if the lenders are keen to revive the project then they should allow it to start production. ``The project was stalled some time back. Now, ICICI has moved the Debts Recovery Tribunal (DRT) to take over the assets, but the assets are on bond with the customs. So, I don't know how much they (ICICI) will realise or they will realise nothing,'' Mr Muthiah told newspersons here on the sidelines of a seminar on VAT. Mr Muthiah said the company had invested over Rs 1,200 crore in the project and three consultancy reports had been prepared for running the project. ``The only way the project can be revived is to start the production because the demand for polyester has gone up in the market,'' he said. ICICI moved the DRT to recover the assets of SPIC because of non-repayment of loans by the company.
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