Syndicate Bank Issues 891 Notices To Defaulters

New Delhi, December 22: | Updated: Dec 23 2002, 05:30am hrs
Syndicate Bank has slapped as many as 891 notices on defaulters across the country for recovering dues amounting to about Rs 95 crore under the securities ordinance.

So far we have served 891 notices to willful defaulters in different parts of the country under NPA ordinance, bank sources told UNI. The bank has so far recovered Rs 2 crore from these defaulters and had seized the assets of eight companies in Bangalore and two in Faridabad under the ordinance, they said. We are hopeful of recovering a major chunk of dues from the wilful defaulters, they added. Asked if any big corporate houses have been served the notice, they said, as of now we have approached smaller companies.

Till date, the Delhi zonal office has served 98 notices to the defaulters amounting to Rs 14 crore. Two companies in Faridabad, whose assets have been seized are Vishnu Enterprises and Chandra Industries. They owe Rs 15.20 lakh and Rs 11.80 lakh, to the Bangalore-based bank. UNI

The bank registered a net profit of Rs 6,413 crore in the quarter ended September 30, 2002. The bank has a strong capital adequacy ratio of 12.71 per cent and earning per share of 1.36.