Moser Baer clarifies on news of OBC starting dues recovery process

Moser Baer responding to some media reports on certain responses provided by Oriental Bank of Commerce (OBC) in connection with the company, has clarified that OBC is not a lender to Moser Baer India but has outstanding debt from one of its solar subsidiaries. However, no notice under SARFAESI Act has been served.

The company has further stated that the solar manufacturing sector was plagued by external factors including massive dumping but pursuant to recent regulatory and other measures both overseas and in India is leading to a global revival in the industry. The solar sector is now on the cusp of a major recovery. The company has also said that it has been regularly appraising the Bank on the recovery of the sector and business revival as well as the recent conducive regulatory environment in India and is confident of arriving at an amicable solution for revival.