May 04, 2013, 12.01 PM | Source: CNBC-TV18
CNBC-TV18's Sunanda Jayaseelan reports that primary lender State Bank of India has called for an auction of property pledged by Deccan 360 to recover dues.
SBI, in an advertisement in the papers on Friday, has called for sale of seven properties amounting to a super built-up area of almost 9,000 sqft in the heart of Bangalore. The properties were pledged towards raising loans worth nearly Rs 211 crore in May 2011.
The loans were taken for operational purposes and the company began defaulting on those loans starting September 2011. The advertisement invited interested parties to take participate in the bid that will close on May 31.
Sources at SBI indicate that Gopinath has agreed to participate in the auction. CNBC-TV18 was unable to contact Gopinath for his comments.