CAPARO Engineering acquires Steel Tubes factory at Dewas from SASF

Steel Tubes of India Ltd has announced that the proceedings of BIER, the Secured lenders of the Company, under the lead of the Stressed Assets Stabilization Fund, (a trust formed by the Govt. of India), (SASF) were in the process of a suitable buyer for the assets of the Company to realize the outstanding dues payable by the Company to the Secured Lenders. The process was being carried out by SASF on behalf of all Secured lenders in accordance with the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Financial Interest Act, 2002 (SARFAESI Act, 2002). In continuation to the process, the SASF had taken over the possession of assets of the Company under the SARFAESI Act, 2002.

SASF, acting on behalf of all the Secured lenders, has transferred the possession of the Assets of the Company situated at Dewas factory premises together with land, building, plant, etc, and its operations to M/s Caparo Engineering India Pvt Ltd (Caparo), who has taken the possession on August 19, 2006. The dues payable by the Company to the Secured lenders have been settled through this process.

Source : Equity Bulls

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