Canara Bank has issued a notice to attach the properties of Kunvar Ajay Foods Private Ltd owing to the company's failure to repay dues worth Rs 4.38 crore. | |
| The bank is expected to attach 91 shops of the group in Surat. |
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| Suresh Agrawal and his wife Anju Agrawal, directors of Kunvar Ajay Foods Private, had taken a loan from a Surat branch of Canara Bank a few years back. The guarantors for the loan were Kunvar Ajay Designer Sarees Private, Poonam Industries and Ashirwad Corporation, which incidentally belong to the same group. |
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| The bank had issued a notice to Kunvar Ajay Foods on August 20, which directed the company to repay the amount in 60 days. |
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| However, as Kunvar Ajay Foods failed to repay the amount, the bank has initiated measures to take possession of various company properties. |
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| In the notice Canara Bank has cautioned Kunvar Ajay Foods and the public to not deal in these properties. |
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| The possession notice comes as another blow to Agrawal, as the city police have initiated proceedings to declare him as an absconder in connection with a case of fraud lodged against him by a few textile traders. |
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| Agrawal founded Kunvar Ajay Sarees in the 90s, which became a successful textile brand with an annual turnover of over Rs 100 crore. |
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| After this, Agrawal launched Friendly Wash Detergent and Dandi Salt in 2000. But these ventures resulted in heavy losses to Agrawal. |
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| As the pressure of financiers and creditors increased, Agrawal disappeared in April earlier this year, and has remained non-traceable since. |
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