Sbi Home Fin Files Suits Against Two Companies

City-based Stiefel Und Schuh (India) owed SBI Home Finance Rs 2.53 crore, while its group associate owed Rs 85 lakh. The companies, promoted by Shamdev Dasgupta, had mortgaged its properties in New Delhi and Calcutta to secure the loan.

The courts have granted injunctions against the company, "restraining the defendants from transferring, inducting, alienating, selling, disposing of in any manner whatsoever the suit property at Himalaya House, Delhi and New AC market, Calcutta."

That apart, Stiefel Und Schuh also faces problems with a deferred payment guarantee issued by UTI Bank. The company had gone for a public issue in 1994 to mop up Rs 5.5 crore for setting up a 100-per cent export oriented unit.

 

SBI Home Finance sources claim that the company's projections made during the public issue have not been met. They said the next recourse to ensure recovery would be a winding up petition against Steiefel Und Schuh.