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Indian Bank has issued a sale notice of two immovable properties belonging to Saravana Stores (Gold Palace) in the busy commercial hub of T Nagar to recover dues of ₹288 crore from its partners, guarantors and title holders. This includes Y Pallaku Durai, son of S Yogarathinam, founder of the famous retail store Saravana Stores.
The notice says that property A situated at Usman Road measures 4,800 sq ft with a reserve price of ₹124 crore and property B at Ranganathan Street measures nearly grounds with a reserve price of ₹46 crore. The date of e-auction will be March 17.
In January 2020, Karur Vysya Bank said that Saravana Stores Gold Palace and its guarantors, including promoters, who are part of Saravana Stores Group, are yet to repay the bank ₹163 crore. It then issued a possession notice to the borrowers.
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