State Bank of India, Mumbai (SBI) has taken the physical possession of premises owned by PAE located at TTC Industrial Area, MIDC, Thane-Belapur Road, Navi Mumbai in state of Maharashtra which was charged against borrowing by the company amounting to Rs 20.28 crore with effect from April 24, 2018 due to default in repayment of aforesaid monies borrowed along with interest under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
PAE is a marketing and distribution company in Lead Storage Batteries, Power Backup Systems, Automotive parts and Solar Photovoltaic Products.
