BS has received a notice under SARFAESI Act, 2002 from State Bank of India (Lead Bank, acting on its behalf and on behalf of member banks). In the notice, the bank has stated that it had taken symbolic possession of the properties of the company mortgaged to the bank as per the terms and conditions of the loan agreements, in exercise of powers conferred under section 13(4) of the SARFAESI Act read with Rule 8 of the rules due to non payment of dues to the Banks.
The company is engaged in the business of manufacturing and supply of towers to the telecommunication and the power sector in India with a pan India presence.
