Golden Tobacco gets lenders' notice under SARFEAESI Act

Dalmia Group firm Golden Tobacco Ltd today said that it has received notice from consortium of banks led by Canara Bank for one of its property situated at Guntur.
"Canara Bank on behalf of the consortium banks issued a notice on December 28, 2016 under section 13(4) of the SARFEAESI Act, 2002 for one of the company's property situated at Guntur," the company informed BSE in a filing.
However, it further said: "The company is hopeful to resolve the same as early as possible."
Earlier, on October 4, GTC had informed that the Canara Bank, again on behalf of the consortium banks, has issued notice under section 13(4) of the SARFEAESI Act for its property situated at Vadodara, Gujarat.

Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, known as SARFEAESI Act provides the measures which creditor may take to recover its secured debt.
Vadodara-based Golden Tobacco has cigarettes brands as Panama, Taj Chhap Deluxe, Style Mini Kings, Chancellor, Platinum, Flair Kings and June Slim.