KREST FIN ORDERED TO REPAY DEPOSITS

Article Abstract:

Krest FinLease Ltd has been directed by the Company Law Board to repay the deposits. This order has been made following complaints from investors. Krest FinLease Ltd will have to repay the amount in 2 instalments. The repayment schedule is based on the cash- flow projections made by Krest FinLease Ltd. Krest FinLease Ltd will have to pay interest till the maturity date and 12 percent for the delayed period. It will have to repay deposits up to Rs5,000 with interest in 1 instalment. This will have to be done in 3 months from the date of the order or maturity. Krest FinLease Ltd will have to repay deposits of Rs5,001-10,000 in 18 months in 2 equal instalments. Deposits of Rs10,001- Rs15,000 will have to be repaid in 3 instalments in 30 months and deposits of over Rs15,000 in 3 instalments in 33 months from the date of the order or maturity. (ag)

Comment:

Krest FinLease Ltd has been directed by the Company Law Board to repay the deposits.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Deposits Regulation, Banking law, Bank deposits, Krest FinLease Ltd.

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AUTO INDUSTRY SLUMP CRUSHES PATHEJA FORGINGS

Article Abstract:

Patheja Forgings of Pune has been severely affected by the prolonged recession in the automobile industry. The company's capacity utilisation at its Waluj and Bhosari plants in Maharashtra is down to 10 percent. It is also facing a mounting debt burden while its original equipment customers have started sourcing from companies like Bharat Forge and Kalyani Forge. Some of its clients like Telco, Ashok Leyland and other automobile manufacturers are also reducing new orders due to a cut in their own production. (khr)

Comment:

Patheja Forgings of Pune has been severely affected by the prolonged recession in the automobile industry.

Sales & consumption, Motor Vehicles, Automobile and Light Duty Motor Vehicle Manufacturing, Patheja Forgings

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