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May 3, 2001
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Money > Business Headlines > Report May 3, 2001 |
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Madhavpura chief's property to be seizedBS Regional Bureau A division bench of the Gujarat High Court division bench hearing three different petitions related to the irregularities of the Madhavpura Mercantile Co-operative Bank has ordered the seizure of the properties of former MMCB chairman Ramesh Parikh and former MMCB managing director Devendra Pandya. The division bench of Chief Justice D M Dharmadhikari and Justice P B Majumdar also ordered sealing of the bank accounts of the two accused and directed them to deposit their passports with the concerned authorities. The bench also ordered to seize properties of those relatives of the two accused who had taken huge loans from MMCB. Meanwhile, an advocate Harmesh Vasavada, appearing on behalf of a private company, said that his company is willing to take over the administration of MMCB for Rs 10 billion. Reacting to this proposal, the division bench asked Vasavada to submit a demand draft of Rs 1 billion on Thursday. Only then his offer would be heard, the bench said. The further hearing of the case is likely to take place on Thursday. Meanwhile, it is rumoured that the private party which has shown interest in taking over the MMCB administration is an NRI-based group from Hong Kong. Powered by YOU MAY ALSO WANT TO READ:
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