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.


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