UTI, Central Bank move DRTs to recover MPCL dues
Mumbai: Unit Trust of India (UTI) and Central Bank of India moved debt recovery tribunals (DRTs) for recovering dues with interest from Mysore Petro Chemicals Ltd (MPCL). The Board for Industrial and Financial Reconstruction (BIFR) had earlier declared that MPCL sick and appointed the Industrial Investment Bank of India (IIBI) as the operating agency. MPCL's annual report for 2002-03 says: “As per the reference filed before the BIFR and registered as Nos 155/2002 and 74/2003, the company has been declared as a sick unit by the BIFR at the hearing held on June 13, 2003. IIBI has been appointed as the Operating Agency (OA) by BIFR. The company will cooperate and assist the IIBI in all respects.”

It further states: “UTI and Central Bank of India have filed suits with the DRTs at Bangalore and Mumbai respectively, for the recovery of Rs 15.79 crore including interest. In the opinion of the management, since the company is registered with BIFR, DRT has no jurisdiction over the matter and the company will abide by the rehabilitation scheme approved by BIFR.” The company’s phthalic anhydride plant at Raichur, Karnataka and maleic anhydride plant at Taloja, Maharashtra operated satisfactorily during 2002-03. The production of phthalic anhydride at Raichur was higher at 12,136 tonne at 101.13 per cent capacity utilisation as against 11,292 tonne at 94.1 per cent capacity utilisation during the previous year 2001-02. The production of maleic anhydride at Taloja was lower at 2,843 tonne as against 3,398 tonne during the previous year.
Back to News Review index page  

Syndicate Bank to organise loan camp
Coimbatore: Syndicate Bank, Coimbatore region, is planning a home loan camp on 10 August at the Gujarati Samaj here. Bank regional manager M Subhash said Synd Nivas home loan camps will be conducted simultaneously in Madurai, Dindigul, Erode and Salem, as these districts also fall under the Coimbatore region. "We will be aggressive on the home loan front this fiscal."
Back to News Review index page  

State Bank of Travancore revises FCNR rates
Thiruvananthapuram: State Bank of Travancore (SBT) has revised the interest rates on FCNR deposits in US dollars, pound sterling and euro with effect from July 25. The revised rate for US dollar deposits of one year to less than two years is 0.98 per cent, two years to less than three years 1.46 per cent and for three years 2.04 per cent, says bank statement.

The rate for pound sterling deposits of one year to less than two years is 3.16 per cent, two years to less than three years 3.38 per cent and for three years, 3.60 per cent. The rates for euro deposits for the above periods are 1.85 per cent, 2.17 per cent and 2.50 per cent, respectively. The interest rates on NRE deposits have also been revised with effect from July 25. The new rate for deposits of one year to less than two years is 3.70 per cent, two years to less than three years 4.20 per cent and three years, 4.80 per cent.
Back to News Review index page