TIRUPUR: Coimbatore MP and Communist Party of India leader K. Subbarayan on Sunday urged the Prime Minister to direct commercial banks to stop enforcement of provisions of Securitisation and Reconstruction of Financial Affairs and Enforcement of Security Interest (SARFAESI) Act against small tea factories.
In a letter to the Prime Minister, Mr. Subbarayan also wanted immediate write off of the outstanding loan amount or arrange easy repayment mode for the ailing factories. Out of 150 bought leaves tea factories in the Nilgiri district, 60 had already been closed for non-payment of loans invoking the provisions of SARFAESI Act.
Closure of factories, Mr. Subbarayan said, would render several thousand workers unemployed.
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