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INDIAN BANK CLOSE TO RECOVERING RAVI SHANKAR PRASAD GROUP DUES (Bank board to consider repayment proposal of the Group).

Asia Africa Intelligence Wire

| May 29, 2003 | COPYRIGHT 2003 Financial Times Ltd. (Hide copyright information)Copyright

(From India Business Insight)

Indian Bank has received a proposal from the Ravi Shankar Prasad group for developing and selling a prime property located in Chennai with a view to clearing the dues of Rs113 crore. Under the proposal, the promoter will invest Rs30 crore in the property, which is currently mortgaged to the Bank.

The promoter will make a down payment of Rs2 crore to the Bank. The developed property will be sold and the dues of the Bank …

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