Banks grill promoters of defaulting cos at joint lender forum

Banks will not shy away from taking legal action or making use of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) to recover their dues from companies where promoters provide no clear repayment schedule, sources tell CNBC-TV18.

As per sources, promoters of companies like Adhunik Metaliks, Adhunik Power and Uttam Galva were called in for questioning on Tuesday, the second day of the 2-day marathon joint lender forum meetings hosted by State Bank of India (SBI) at its headquarters.  

Some other companies like Visa Steel, Aban Offshore and Essar Steel have also been directed to come in for questioning, sources say.