MSTC hopeful on Rs 600-cr recovery

State-owned MSTC Ltd was hopeful of recovering Rs 600 crore unrealised from overseas buyers for gold jewellery sales in 2008-09.

"We are making progress on the recovery process. We are winning some of the cases and most of the verdicts are in our favour," MSTC Chairman and Managing Director S K Tripathi said here today.

Speaking on the sidelines of a session of the Bharat Chamber of Commerce he said that though the legal process was time consuming recovery was expected to take place.

A parliamentary committee in its report had said that MSTC sold Rs 638 crore in gold jewellery to 47 foreign buyers through six Mumbai-based sellers in 2008-09.
 

Of this, Rs 599 crore remained outstanding from 46 foreign buyers in UAE, Kuwait and Singapore who had cited economic slowdown as a cause of failure to repay, the panel noted.