Cos owe Rs 490 crore, says RBF

Cos owe Rs 490 crore, says RBF
PRESS TRUST OF INDIA

CHENNAI, FEB 15: Nearly three lakh depositors of RBF Nidhi Ltd, a non-banking finance company, might get back their deposits by May first week if the industrial houses returned the borrowed money of about Rs 490 crore by them, RBF chairman A R Rao said today.

The Balaji group, which owed Rs 230 crore to RBF, paid its first installment of Rs 20 crore to RBF today and promised to pay another Rs 30 crore before April end, chairman of RBF Rao said.

He said as per the guidelines given by theCLB, a seven-member team headed by him would submit an `action plan' to the CLB before March 15. Rao said besides Balaji group which owed Rs 230 crore, five big industrial houses of the city owed Rs 205 crore. The RBF possessed assets worth Rs 30 crore which could be sold before making the repayment.