Wednesday, 7 December 2011

Ruia loses control of French company, Groupe Precitum for non payment of Euro 1 Mn to its creditors




Kolkata-based chartered accountant-turned-businessman Pawan Kumar Ruia has lost control of a key manufacturing unit of the French auto component maker it acquired recently, Groupe Preciturn, after non payment of Euro 1 Mn ( INR 7 Crore) which was due to be paid to its creditors.

It has now been reported that the creditors which majorly include banks have seized the property and have now asked for more biddings so as to look for a new owner of the french property.

In India, the cash-strapped Ruia Group is struggling to keep tyre maker Dunlop afloat. The firm is currently facing a wind-up petition filed by EV Mathai and Co., an unsecured creditor, and the Ruia Group hasn’t made much effort to prevent the liquidator of the Calcutta high court from seizing Dunlop.

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