Instructions were issued yesterday (Monday) by Sicom to its solicitor -- Prakash Panjali and Company -- to proceed against Divya Chemicals under Section 434 of the Companies Act dealing with winding up of a firm.
According to Sicom, in August 1995 a six-month loan of Rs 50 lakh at 24 per cent per annum simple interest was extended to the company.
The loan was repayable in two instalments of Rs 25 lakh each on January 3 and February 3.
The company has its plant in Roha in Raigad district.
In spite of reminders, there has been no communication from the company, except a payment of Rs 4.74 lakh in June 1996, Sicom sources said.
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