Lenders Tighten Grip on Shenruj & Co.
July 04, 16
(IDEX Online News) – One of India’s largest diamond houses, Shrenuj & Co. is challenging an order by the one of the country’s largest banks to seize its assets, according to a report in The Economic Times.
The Debt Recovery Tribunal issued the original order to repossess inventory and was successful in restricting travel of the company’s promoters, including the Shrenuj’s chairman and managing director Shreyas Doshi and group executive director Vishal Doshi.
Several banking institutions with a combined exposure of around $450 million are seeking restitution, including Bank of India, ICICI Bank, Punjab National Bank, State Bank of Patiala, Standard Chartered Bank and Andhra Bank. It is thought that the slowdown in the diamond industry along with poor investments in Africa.