Sarfaesi
The Mumbai based Hiranandani Group has acquired Hirco Plc’s 368-acre Chennai project for Rs. 2,000 crore. Hirco Plc. is an investment firm. They raised £350 million (Rs. 3,500 crore) from global investors to fund Hiranandani Group’s Chennai and Panvel townships. The funds were used by Hiranandani Group to acquire 588 acres in Panvel and 368 [...] Continue Reading »
Banks will now be relieved if the amendments to the Sarfaesi laws is done very soon! Under the proposed amendments in Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Sarfaesi), banks wil now be allowed to seize the defaulter borrower’s property in any case. They can even buy the asset [...] Continue Reading »
