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Lenders serve legal notices on Winsome Diamonds

Notices sent by at least three public sector banks for recovery of loans

Public sector lenders, including Punjab National Bank (PNB) and Central Bank, have served legal notices on Winsome Diamonds to recover loans. A senior official from one of the lenders to the company confirmed legal proceedings had been initiated for the recovery of loans and added serving a legal notice was the first step in that regard. "Yes. We have received legal notices from banks," said a senior Winsome Diamonds official. In November 2013, banks had served notices on Winsome Diamonds and its sister concern Forever Precious Jewellery with the intention that the two ...