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Bank takes possession of Pentasoft property

CHENNAI: Dhanalakshmi Bank has taken physical possession of a property of Pentasoft Technologies under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act. The possession was facilitated through an order from the Chief Metropolitan Magistrate. The property, comprising three floors is situated on Anna Salai, near Guindy. According to a bank official, the bank had served notice to the borrower in January this year and the amount involved was Rs. 10.20 crores. The official said notices have also been served on couple of tenants occupying the property to deposit the monthly rent with the bank. — Our Bureau

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