SBI, UCO Bank agree to invest Rs 450 crore in Amrapali projects, SC told

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New Delhi, Oct 25 | The Supreme Court on Monday was told that the State Bank of India (SBI) and the UCO Bank have agreed to invest Rs 450 crore in Amrapali projects, but other banks, who were part of a consortium, are delaying the process.

Senior advocate and court-appointed receiver R. Venkataramani submitted before a bench headed by Justice U.U. Lalit that six banks have agreed in principle, but things have not moved in the desired direction for nearly two months. He added that in order to accelerate the process, a little nudge from the top court was needed.

On September 3, the receiver had told the Supreme Court that he had held meetings with the officials of a consortium of six banks – the SBI, UCO Bank, Bank of India, Bank of Baroda, Punjab National Bank, and Punjab & Sindh Bank.

The receiver informed the top court that except the SBI and UCO Bank, none of the remaining four banks had come out with any concrete proposal on funding the Amrapali projects. He emphasised that the proposal has not been finalised.

The top court then asked the banks to decide within two weeks and file the proposal before it.

During the hearing, the top court noted that if banks were to further deliberate on the issue, then an officer of MD level should convene a meeting with the receiver to develop a concrete proposal.

The receiver informed the bench, also comprising Justice Ajay Rastogi, that 300 flats would be handed over to flat purchasers by the year-end in Greater Noida, and flat purchasers will get possession letters on the eve of Diwali. He further added these are over and above 2,300 flats, which would be handed over to flat purchasers in Noida as committed by NBCC.

Kumar Mihir, advocate representing some home buyers, said it is a welcome step that the SBI and UCO Bank have agreed in principle to invest Rs 450 crore in the construction of Amrapali projects, and hopefully, other banks will also follow their steps.

The Supreme Court also issued notice to the Uttar Pradesh government seeking clarification on stamp duty being charged from Amrapali flat purchasers at the time of registry.

The receiver, last month, had informed the top court that the consortium had agreed to fund the stalled Amrapali projects and bank officials had said that documentation in connection with the process will begin during the month, and disbursal of loans should be expected.

Source: IANS

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Weekly Fundamental Market Outlook

Weekly Fundamental Market Outlook

Indian share market posted its first weekly gain in Jun by rising 2.7%.

This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

 

Post Disclaimer by BhaskarLive.in

The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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