i Tech
By Praveen Chandran | 23 Feb 2002
1
Mumbai: The Unit Trust
of India (UTI) has initiated a legal action against Padmini
Technologies for defaulting in payment of interest dues
to the UTI. The mutual fund had subscribed to 16.5 per cent
of the companys non-convertible debentures of Rs 8.50 crore
on a private placement basis in May 1999.
A UTI
press
release issued here said the legal action against Padmini
is under section 138
of the Negotiable Instrument Act and nonbailable warrants
have been issued against the company and its directors -
chairman and managing director Vivek Nagpal and V S Gupta,
who was the director on 18 January 2002. UTI has also invoked
the personal guarantee of Nagpal.
The release said the company gave interest cheques involving Rs 125 lakh to the UTI in June 2001 but the cheques were dishonoured and till date no payments have been made to the UTI.
A UTI
The release said the company gave interest cheques involving Rs 125 lakh to the UTI in June 2001 but the cheques were dishonoured and till date no payments have been made to the UTI.
