A Debts Recovery Tribunal in Delhi has directed Jindal India Powertech, its director Shyam Sunder Jindal, and two other firms of BC Jindal Group to disclose their assets and restrained them from diluting their shareholding to prevent a change in management of Jindal India Powertech.
The order was passed in a case filed by state-run development bank IFCIBSE -0.66 % over non-payment of around Rs 271 crore by Jindal India Powertech, which operates as a holding company for Jindal Thermal Power, two persons familiar with the development said.
IFCI in its plea before the Debts Recovery Tribunal (DRT) had expressed apprehension that the firm or its promoters will dispose of assets hypothecated to the lender.
In its order, the DRT has asked Jindal India Powertech, Jindal PolyBSE -0.91 % Investment and Finance Company, Jindal India Thermal Power, and BC Jindal’s son Shyam Sunder Jindal to disclose the details of their bank accounts to the tribunal, the sources said.
A senior IFCI official confirmed the development and said the lender had to approach DRT after Jindal India Powertech failed to repay the dues after repeated reminders.
“We wanted to safeguard our interests. The DRT has asked the firm and its promoters to disclose the details of their bank accounts,” he said, adding that the next DRT hearing is on March 27.
Jindal India Powertech could not be reached immediately for comments.
In 2011, IFCI had subscribed to Rs 300 crore worth of optionally convertible debentures (OCD) issued by Jindal Powertech India, where Shyam Sunder Jindal was one of the directors. The OCDs were to be redeemed within 48 months from the date of issue.
Source: Economic Times