STOCK MARKET BSE NSE

Erode Businessman Locks Fin Firm for Seizing Equipment

Published: 24th March 2016 05:06 AM  |   Last Updated: 24th March 2016 05:06 AM   |  A+A-

CHENNAI: A businessman from Erode on Wednesday locked the L&T Finance Ltd Office on Ethiraj Salai which had allegedly seized his mining equipment six months ago.

According to police sources, businessman Selvam hailing from Thenkanikottai, a village near Hosur, closed the office entrance using a lock which he had brought with him after an altercation with the staff.

Selvam had obtained a loan of `84.5 lakh from the private finance firm and was paying instalment till August 2015.

Six months back, the firm, suddenly armed with an ex-parte order from a court, seized equipment including an excavator and three compressors worth `1 crore.

Claiming that the move hit him like a bolt out of the blue when the work was halted due to monsoon, Selvam approached the firm’s office in Chennai demanding repayment.

The firm sought help from the local police when the bizman locked the doors following a verbal duel with the staff.

The police took Selvam into custody and rescued those stranded in the office building using the key which they took from him.

The police claimed that Selvam’s equipment was seized only after he defaulted on payment.

According to a senior police officer, no case was registered in this regard. The firm dismissed Selvam’s demands and advised him to approach the courts instead of staging such protests.

Stay up to date on all the latest Chennai news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp