National

Receiver takes over DPC assets

Mumbai, April 2. A Mumbai High Court receiver today took control of the Dabhol Power Company's (DPC) assets in Guhagar, paving the way for IDBI-led Indian lenders to take over the plant in the near future.

''The court receiver has taken over the DPC assets today and a decision on the seizure of these assets will be taken in the lenders' meeting to be held by the weekend,'' the IDBI Chairman and Managing Director, P.P. Vora, told reporters here.

There are more than 30 banks and financial institutions involved in this imbroglio. "This meeting will also discuss the possibility of enforcing the security of DPC's assets,'' he said.

Asked whether the lenders' Rs. 2,600 crores exposure to DPC would turn into bad assets, Mr. Vora replied in the negative and said ''there is no fear of the assets turning into non-performing assets (NPA) as there is enough funds in the bank.''

Meanwhile, over 250 employees of the DPC plant site in Guhagar have laid a siege on its personnel manager, Arvind Dabur, for the last two days after he tried to leave the premises allegedly with some company property.

Erstwhile DPC officials who continue to attend Mumbai's corporate office confirmed the development, but said Mr. Dabur was just carrying things he was entitled to after termination of the contract.

- PTI

Send this article to Friends by E-Mail

National

News: Front Page | National | Southern States | Other States | International | Opinion | Business | Sport | Miscellaneous |
Advts: Classifieds | Employment | Obituary |

Stories in this Section

• `Hindutva dilution not the reason for BJP's poll reverses'
• BJP accuses media of biased coverage
• Congress, SP reiterate support to Palestine
• Kabuli quits BJP
• Fund to finance education comes a cropper
• Nuclear power sector to seek more investments
• President condoles musician's death
• Fernandes challenges CAG role again
• EPF rate cut imminent
• Omar Abdullah blames Pak. for Raghunath temple attack
• Advani urged to prevent deportation
• Centre's nod for policy on AIDS prevention
• LCA TD-2 test flight in ten days
• NHRC indictment shocks Gujarat
• `RSS never said it'
• All forms of terrorism must end: Britain
• All-religion team visits Godhra
• Panel report put on website
• Air India makes profit
• Receiver takes over DPC assets

Copyright © 2002, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu