KVB's notice to Saravana Stores' promoter family for default of Rs 162.8 cr

Karur Vysya Bank said on Wednesday that Saravana Stores Gold Palace and its guarantors, including promoters, who are part of Saravana Stores Group, are yet to repay the bank Rs 162.8 crore.

The private sector lender has issued a possession notice to the borrowers, including Saravana Stores Gold Palace Ltd and its gurantors, including Y Pallaku Durai, son of Yogarathinam, Durai's wife P Sujatha, and son Y P Shiravan.

In the notice, the bank has asked the title holder of Saravana Stores Gold, Pallaku Durai, to repay the amount mentioned in the notice - Rs 162.80 crore. In case the borrower fails to repay the amount, the bank will issue a notice to take possession of the properties.