Mumbai-based Kamla Landmarc received a public notice for failing to pay off the loan, and properties belonging to two company officials were seized by the bank in symbolic possession
The bank seized two flats belonging to company officials in a symbolic possession. One of the flats is in this building, Anand Kanchan, on Sir PM Road in Vile Parle (east)
Kamla Landmarc, a business firm from Mumbai that shot to fame in 2012 with reports that it was buying the now-defunct IPL team Deccan Chargers (worth hundreds of crores at the time), has now been issued with a public notice for failure to repay a Rs 7.5-crore loan.
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The bank seized two flats belonging to company officials in a symbolic possession. One of the flats is in this building, Anand Kanchan, on Sir PM Road in Vile Parle (east). Pic/Rane Ashish
The loan was borrowed by Kamla Landmarc Motors Pvt Limited — the company’s automobile arm — from the State Bank of India, which has now taken symbolic possession of two flats belonging to company officials.
“A demand notice was made on September 11, after which the borrowers were given a period of 60 days to repay the loan. However, the borrowers and guarantors failed to repay the amount and hence symbolic possession has been taken of the flats,” said an official from the Goregaon (east) branch of the State Bank of India (SME).
The loan, amounting to Rs 7,50,82,839, with further interest and charges, was taken in connection to motor vehicles, added the official.
On Tuesday, the bank took symbolic possession of the two properties, cautioning the borrowers and guarantors and the public that action would be taken against anyone dealing with the properties and would be subjected to the charge of State Bank of India (SME) branch Goregaon (east).
One of the seized properties is a 630-sq-foot apartment in Anand Kanchan building in Vile Parle (east), while the other flat (same size) is in Archana building, located in Santacruz (west). The first one belongs to one Ramesh Jain, while the Santacruz property belongs to Ketan Shah, both of whom were guarantors for the company’s loan, along with three other officials — Jitendra Ramesh Jain, Jinendra Ramesh Jain and Siddhivinayak Dalvi.
The next day, the notice was issued by the Goregaon (east) branch of State Bank of India (SME), reading: ‘The borrowers and guarantors having failed to repay the amount, notice is hereby given to the borrowers and guarantors, the public in general, that the undersigned (bank) has taken symbolic possession of the property, in excuse of powers conferred under Section 13 (4) of the Securitisation and Reconstruc-tion of Financial Assets and Enforcement of Security Interest Act, 2002.’
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