Icici Rejects Mardia Loan Revival Offer

ICICI Bank has turned down the latest request by Mardia Chemicals to restructure its loan portfolio in order to revive the company, said Rasik Lal Mardia, the chairman and managing director of the company.

Mardia said that he had written to ICICI Bank chief executive officer and managing director K V Kamath to work out a revival package on October 2.

The company had also offered to pay Rs 50 lakh every month till a revival package was worked out. Accordingly, it had sent a cheque of Rs 50 lakh along with the letter.

ICICI Bank has sent the cheque back and, at the same time, refused to accept the request for a revival package on the grounds that it was yet another ploy on Mardia