The Exchange had sought clarification from Tourism Finance Corporation of India with respect to news article appearing in Money Control on June 19, 2015 titled ‘Tourism Finance Corporation puts land parcel worth Rs 24 crore on sale.’ Tourism Finance Corporation of India replied stating that in this connection, it is submitted that one of the borrowers of TFCI has committed default and in exercise of the powers under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002, the authorised officer has invited bids for sale of the security property. The property belongs to the defaulter/borrower and for realisation of dues of TFCI, it has been put up for auction. This action is in the normal course of business and is not price sensitive in nature.
The above information is a part of company’s filings submitted to BSE.
