In the petition filed by Assistant General Manager of Indian Bank, the official had claimed that PR Palanisamy, Managing Partner of PRP Granite Polishing Company at Melur, had obtained Rs 50 crore loan in their bank. But due to fraudulent activities of the company, the bank accounts were freezed and hence he had not paid back the loan amount.
As of March 31, 2013, the outstanding loan amount was Rs 135.08 crore. Hence to collect the outstanding amount they had decided to sell all the mortgaged properties such as granite stones, machineries and the vehicles in the granite company and had approached the district administration to help them sell the properties which was turned down by the district administration.
Hence they had applied for selling the properties on their own. In the meantime, the Enforcement Directorate (ED) which had seized half of the properties of PRP Granite company had sent notice to the Indian Bank and directed the petitioner to appear in person and to give reply for them.
The petitioner should be exempted from appearing in person at ED, prayed the petitioner. When the case came up for hearing on Tuesday, Judges sent notice to ED and had adjourned the case on February 17.