HYDERABAD, May 22: The Andhra Pradesh Ind-ustrial Development Cor -poration (APIDC) has moved in to seize the properties of CRB Capital Markets to recover its dues.

The state corporation, which had extended a bill rediscounting facility worth Rs 1.8 crore to CRB, on Thursday transferred 23,000 Reliance shares mortaged with it by the finance company into its own name. The shares are valued at over Rs 70 lakh at today's price.

The corporation has also moved in to put lock CRB premises in the busy Abids commercial area of the city in a bid to get the remaining amount. The corporation has already advertised to dispose of the property, APIDC managing director RP Singh told The Financial Express.

About three other Hyderabad-based finance companies are also reported to have extended such a facility to CRB amounting to Rs 2 crore each.

CRB had apparently pledged properties, including three flats in Mumbai, and shares worth Rs 4 crore with the the corporation to avail itself of the bill rediscounting facility. ``We are authorised to recover the amounts and invoke the seizure clause of the agreement any day,'' Singh said, when asked whether the lien period had expired.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.