UP sugar mills run 'ponzi scheme' to pay farmers' dues

Nov 25 2013, 09:28 IST
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Sugar companies are party to mortgage arrangements of farmersí land to raise money from PSU banks. (PTI) Sugar companies are party to mortgage arrangements of farmersí land to raise money from PSU banks. (PTI)
SummaryBajaj Hindustan, the largest sugar company, refused to comment and Balrampur Chini denied it.

year (October-September), raising the spectre of default. Among them, listed players like Bajaj Hindusthan, Balrampur Chini, Dwarikesh Sugar and Dhampur Sugar Mills have also communicated their decision to the bourses via regulatory filings. Most of them are waiting for a bailout from the Centre ahead of the upcoming polls as a potential facesaver.

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