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Home , Indian Overseas Bank

INDIAN OVERSEAS BANK BRANCH No.477, Kilpauk Garden Road, -10 Ph.: 044 - 26461141/ 26460178 E-mail: [email protected]

06.03.2021 e-AUCTION SALE NOTICE FOR SALE OF IMMOVABLE PROPERTIES

E-Auction Sale Notice for Sale of Immovable Assets under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with proviso to Rule 8 (6) of the Security Interest (Enforcement) Rules, 2002.

To,

1 M/s. SAR Ispat Pvt Ltd,Factory: R. S No. 214 & 215,Village Kalithirthal kuppam, ThirukanoorRoad,Madagadipetpost,Puducherry–605 107.(Borrower/Mortgagor/Guarantor) 2. M/s. AKS alloys Pvt. Ltd, R. S. No. 81/1,3 to 7, Eripakkam village, Nettapakkam commune, Puducherry – 605 106. .(Borrower/Mortgagor/Guarantor) 3. Mr. Nemi Chand Kothari, 1/3, Rathina Sabapathy Street, New , Chennai- 600021.(Director/Mortgagor/Guarantor) 4. Mr. Sanjay Kumar Sharma, 4th Row House, No. 29, Ranganathan Avenue Road, Kilpauk, Chennai – 40. .(Director/Guarantor) 5. Mr. Sandeep Kothari, 1/3, Rathina Sabapathy Street, New Washermanpet, Chennai-21. (Director/Guarantor) 6. Mr. Narendra kumar Kothari, 1/3, Rathina Sabapathy Street, New Washermanpet, Chennai-21.(Director/Mortgagor/Guarantor) 7. Mrs. Pushpa Kothari, 1/3, Rathina Sabapathy Street, New Washermanpet, Chennai-21.(Mortgagor/Guarantor) 8. Mr. Vikrant Sharma, 4th Row House, 29, Ranganathan Avenue Road, Kilpauk, Chennai – 40.(Director/Guarantor). 9. M/s. Prudent Construction Pvt. Ltd, No. 25, First floor, C Block – Community Centre, Janakpuri, New Delhi, - 110058 .(Mortgagor/Guarantor) 10. Corporate Office of AKS ALLOYS PVT LTD, and SAR ISPAT PVT LTD No.:No.770, Thiruvottiyur High Road, Tondiyarpet, Near Tollgate Bus Stop. Chennai – 600 081.

Sir/Madam, Notice is hereby given to the public in general and in particular to the borrower (s) and guarantor (s) that the below described immovable property mortgaged/charged to the Secured Creditor, the constructive possession of which has been taken by the Authorised Officer of Indian Overseas Bank, Secured Creditor, will be sold on “As is where is”, “As is what is” and “Whatever there is” on 26.03.2021 for recovery of Rs. 32,74,28,948.81 (Rupees Thirty Two Crore Seventy Four Lakhs Twenty Eight Thousand Nine Hundred Forty Eight and Paise Eighty One only ) as on 28.02.2021 due to the Indian Overseas Bank, Secured Creditor from the borrower M/s. SAR Ispat Pvt Ltd (Borrower/mortgagor/Guarantor) and Rs. 27,47,56,045.06 (Rupees Twenty Seven Crore Forty Seven Lakhs Fifty Six Thousand Forty Five and Paise Six only ) as on 28.02.2021 due to the Indian Overseas Bank, Secured Creditor from the borrower M/s. AKS alloys Pvt. Ltd (Borrower/mortgagor/Guarantor) Description of the Immovable property(ies)

Item No: 1

FACTORY OF M/s SAR ISPAT PVT. LTD – RS No. 214 & 215 VILLAGE KALITHIRTHAKUPPAM, THIRUKANOOR ROAD, MADAGADIPET POST, PUDUCHERRY - Land and building in a)All that piece and parcel of an extent of 17 Ares of land situated at R.S.No.214/2, No.6, Kalitheerthakuppam Village, Mannnadipet Commune Panchayat, Villanur Sub-Taluk, Union Territory of Pondicherry, S.R.O.Tirukkanur, Standing in the name of M/s. SAR ISPAT PVT LTD

Boundaries :North of –R. S.No.214/3;South of – Poramboke Land:East of – R. S.No.215/4:West of – R. S.No.215/6

(b) All that piece and parcel of an extent of 27 Ares of land situated at R.S.No.215/4, No.6, Kalitheerthakuppam Village, Mannnadipet Commune Panchayat, Villanur Sub-Taluk, Union Territory of Pondicherry, S.R.O.Tirukkanur, Standing in the name of M/s. SAR ISPAT PVT LTD

Boundaries: North of – Poramboke Vaikkal: South of – R. S.No.215/3; East of – Mailam Road West of – R. S.No.215/5.

(c) All that piece and parcel of an extent of 23 Ares of land situated at R.S.No.215/5, No.6, Kalitheerthakuppam Village, Mannnadipet Commune Panchayat, Villanur Sub-Taluk, Union Territory of Pondicherry, S.R.O.Tirukkanur, Standing in the name of M/s. SAR ISPAT PVT LTD

Boundaries, North of – Poramboke Vaikkal; South of – R. S.No.215/3 ;East of– R. S.No.215/4 West of – R. S.No.215/6

(d) All that piece and parcel of an extent of 28 Ares of land situated at R.S.No.215/6, No.6, Kalitheerthakuppam Village, Mannnadipet Commune Panchayat, Villanur Sub-Taluk, Union Territory of Pondicherry, S.R.O.Tirukkanur, Standing in the name of M/s. SAR ISPAT PVT LTD

Bounded on; North of – Poramboke Vaikkal; South of – R. S.No.215/3;East of – R. S.No.215/6 West of – R. S.No.215/9

(e) All that piece and parcel of an extent of 27.2 Ares of land situated at R.S.No.214/6, No.6, Kalitheerthakuppam Village, Mannnadipet Commune Panchayat, Villanur Sub-Taluk, Union Territory of Pondicherry, S.R.O.Tirukkanur, Standing in the name of M/s. SAR ISPAT PVT LTD

Bounded on; North by – R. S.No.214/5 & 214/9; South by – Poramboke Vaikkal; East by – R. S.No.214/2; West by – R. S.No.214/7 & 214/9A

(f) All that piece and parcel of an extent of 19 Ares of land situated at RS No. 214/3, No.6, Kalitheerthakuppam Village, Mannadipet Commune Panchayat, Villanur Sub-taluk, Union territory of Pondicherry; SRO Tirukkanur Standing in the name of M/s. SAR ISPAT PVT LTD

Bounded on ; North of: Land belonging to Kalivardhan Temple Land; South of: Land belonging to Kalaivarthini; East of: Road;West of: Land belonging to Ponnusamy alias Masilamani.

The reserve price for item No.1 will be Rs. 8,11,14,000/- and the earnest money deposit will be Rs. 81,11,400/-.

Item No:2

FACTORY OF M/s AKS ALLOYS PVT. LTD- RS No. 81/1, 3 to 7, Eripakkam Village, Nettapakkam Commune, Puducherry- 605107- Land and building in

(a) All that piece and parcel of Punja Land 85 kuzhi 15 veesam in S. NO. 26/1, and 55 kuzhi 02 veesam in S.No.81/3 and 53 kuzhi 04 veesam in S.No.81/4 at No.56, Eripakkam Village, Nettapakkam Kommeen Panchayat, Registration district of Pondicherry and Registration sub- district of Bahour, Standing in the name of M/s. AKS ALLOYS PVT LTD

Boundaries for S. No. 26/1 North: Road,South: Varadharasu Pillai Land,East: Thandavarayana Gounder land,West: Pattabirama Reddiar Land

Boundaries for S. No. 81/3 and 81/4, North –New S.No.81/1,South– Srinivasa Gounder Singara Gounder Land,East– Ekanathan Land , West – Thandavarayan Land

(b)All that piece and parcel of Punja Land 42 kuzhi 15 veesam in S.No.81/1 at No.56, Eripakkam Village, Nettapakkam Kommeen Panchayat, Registration district of Pondicherry and Registration sub-district of Bahour, Standing in the name of M/s. AKS ALLOYS PVT LTD

Bounded on,North– Road; South– Ramanuja Gounder, Kothandarama Gounder Land; East – Ekanatha Gounder Land,West – Thandavarayan Land

(c)All that piece and parcel of Punja Land 76 kuzhi 10 veesam in Sy No. 26/7 and 87 kuzhi 13 veesam in S.No.81/5 at No.56, Eripakkam Village, Nettapakkam Kommeen Panchayat, Registration district of Pondicherry and Registration sub-district of Bahour, Standing in the name of M/s. AKS ALLOYS PVT LTD

Boundaries for S. No.26/7: North- Erikuppam Main Road ;South- New S. No. 81/5:East- Land of M/s Vensam Steel Industries; West- Land of M/s Vensam Steel Industries

Boundaries for S.No.81/5,:North– Land of M/s. Vensam Steel Industries,South– Kathavarayan, Thandavarayan Land,East – Singaram Land, West– Land of M/s. Vensam Steel Industries

(d)All that piece and parcel of 1 Acre 21 Cents in S.No.81/6 at No.56, Eripakkam Village, Nettapakkam Kommeen Panchayat, Registration district of Pondicherry and Registration sub- district of Bahour, Standing in the name of M/s. AKS ALLOYS PVT LTD

Bounded on,:North– Property of M/s. Vensam Steel Industries, Ramanujam Land: South– Sadasivam Land:East– Property purchased by M/s. Vensam Steel Industries :West– Property of M/s. Vensam Steel Industries

(e)All that piece and parcel of 1 acre 12 cents in S. No. 81/7 at No. 56, Erpakkam Village, Nettapakkam Kommeen Panchayat, Registration District of Pondicherry and Registration Sub-District of Bahour. Standing in the name of M/s. AKS ALLOYS PVT LTD

Boundaries; North: Property of M/s Vensam Steel Industries, Ramanujam Land,South: Property of M/s. Vensam Steel Industries, Sadasivam Land,East: Lakhsmi Madhavan Land, West: Property of M/s Vensam Steel Industries

(f)All that piece and parcel of 1 Hectare 30 ares in S. No. 81/1 at No. 56, Eripakkam Village, Naettapakkam Kommeen Panchayat, Registration District of Pondicherry and Registration sub-district of Bahour. Standing in the name of M/s. AKS ALLOYS PVT LTD

Boundaries;North: Road,South: property of T. Ramanuja Goundar and Kothandan Gounder, East: Eganatha Gounder, West: Thandavarayan land The reserve price for item No.2 will be Rs. 6,98,54,000/- and the earnest money deposit will be Rs. 69,85,400/-.

Item No:3

3 storied residential building (Ground, First & Second floors) at R.S.No’s. 3734/3, 3734/16 and 3734/46, O.S.No.3096 of Village, Fort – , and situated at Old No.3, New No.1, Rathinasabapathy Mudali Street, Tondiarpet, Chennai – 600 021, standing in the name of Mr. Narendra Kumar Kothari, S/o Mr. Bridichand Kothari and Mrs. Pushpa Kothari

Bounded on,North by – Rathinasabapathy Mudali Street ,South by – House belonging to Muthuraj Chettiar in R.S.No.3734/14,East by – House belonging to Jayammal and Mohanraj Naicker, West by – House belonging to Srinivasa Chettiar in R.S.No.3734/54

The reserve price for item No.3 will be Rs. 4,47,45,000/- and the earnest money deposit will be Rs. 44,74,500/-.

Item No:4

(a) All that piece and parcel of dry land measuring an extent of 56 cents, comprised in the S.No.122/1B5, situated at No.61, Paravallur Village, Aandarkuppam Panchayat, Sholavaram Panchayat Union, Taluk, Thiruvallur District, standing in the name of Mr. Nemi Chand Kothari, S/o Mr. Birdichand Kothari.

Bounded on;North by – S.No.111;South by – S.No.122/1B4B;East by – S.No.122/1C1 & 1C2 and 1B6 part;West by – S.No.122/1B1

(b) All that piece and parcel of dry land measuring an extent of 56 cents, comprised in the S.No.122/1B7, situated at No.61, Paravallur Village, Aandarkuppam Panchayat, Sholavaram Panchayat Union, , Thiruvallur District, standing in the name of Mr. Nemi Chand Kothari, S/o Mr. Birdichand Kothari.

Bounded on; North by – S.No.111; South by – S.No.122/1B6 part; East by – S.No.113; West by – S.No.122/1C1 & 122/1C2

(c) All that piece and parcel of dry land measuring an extent of 73 cents, comprised in the S.No.122/1B8, situated at No.61, Paravallur Village, Aandarkuppam Panchayat, Sholavaram Panchayat Union, Ponneri Taluk, Thiruvallur District, standing in the name of Mr. Nemi Chand Kothari, S/o Mr. Birdichand Kothari.

Bounded on, North by – S.No.122/1B6 part;South by – Cart Track; East by – S.No.113 and 122/3A and 122/3B; West by – S.No.122/1B6 part and 122/1B3

In all (a,b,c) totally measuring an extent of Acre 1.85 cents situated within the Registration District of Chennai North and Sub Registration District of Ponneri.

(d) All that piece and parcel of dry land measuring an extent of 69 cents, comprised in the S.No.122/1B6, situated at No.61, Paravallur Village, Aandarkuppam Panchayat, Sholavaram Panchayat Union, Ponneri Taluk, Thiruvallur District, standing in the name of Mr. Nemi Chand Kothari, S/o Mr. Birdichand Kothari. Bounded on,North by – S.No.122/1C2; South by – S.No.122/1B4C and 122/1B8 part; East by – S.No.122/1B8; West by – S.No.122/1B4B and 122/1B5

(e) All that piece and parcel of dry land measuring an extent of 12 cents, comprised in the S.No.122/1B3, situated at No.61, Paravallur Village, Aandarkuppam Panchayat, Sholavaram Panchayat Union, Ponneri Taluk, Thiruvallur District, standing in the name of Mr. Nemi Chand Kothari, S/o Mr. Birdichand Kothari.

Bounded on,North by – S.No.122/1B4B; South by – Cart Track; East by – S.No.122/1B8; West by – S.No.122/1B4B

Totally measuring(d,e,) an extent of 81 cents situated within the Registration District of Chennai North and Sub Registration District of Ponneri.

(f) All that piece and parcel of dry land measuring an extent of 35 cents, comprised in the S.No.122/1B6, situated at No.61, Paravallur Village, Aandarkuppam Panchayat, Sholavaram Panchayat Union, Ponneri Taluk, Thiruvallur District, standing in the name of Mr. Nemi Chand Kothari, S/o Mr. Birdichand Kothari.

Bounded on,North by – S.No.122/1B7; South by – S.No.122/1B8; East by – S.No.113;West by – S.No.122/1C2

(g) All that piece and parcel of dry land measuring an extent of 142 cents, comprised in the S.No.122/1C1 and 1C2, situated at No.61, Paravallur Village, Aandarkuppam Panchayat, Sholavaram Panchayat Union, Ponneri Taluk, Thiruvallur District, standing in the name of Mr. Nemi Chand Kothari, S/o Mr. Birdichand Kothari.

Bounded on,North by – S.No.111; South by – S.No.122/1B6;East by – S.No.122/1B7 and 122/1B6 part; West by – S.No.122/1B5

In all (f.g)totally measuring an extent of 1 acre 77 cents situated within the Registration District of Chennai North and Sub Registration District of Ponneri.

The reserve price for item No.4 will be Rs. 5,05,02,000/- and the earnest money deposit will be Rs.50,50,200/-.

Item No:5

Plant and Machinery installed at the Factory of M/s. AKS ALLOYS PVT LTD; R.S.No.81/1, 3 to 7, Eripakkam Village, Nettapakkam Commune, Puducherry – 605 106.

The reserve price for item No 5 will be Rs. 56,43,000/- and the earnest money deposit will be Rs.5,64,300/-.

Item No:6

Plant and Machinery installed at the Factory of M/s. SAR ISPAT PVT LTD; R.S.No.214 & 215, Village Kalithirthal kuppam, Thirukanoor Road, Madagadipet Post, Puducherry – 605 107

The reserve price for item No.6 will be Rs. 13,38,00,000/- and the earnest money deposit will be Rs.1,33,80,000/-.

(Complete description of the immovable property along with boundaries to be given with known encumbrance, if any) *The bidders are advised to make their own enquiries regarding outstanding dues of Local Self Government (Property Tax, Water sewerage, Electricity Bills etc) and Bank will not take any responsibility for the same.

* Bank’s dues have priority over the statutory dues

(If many properties are there, it can be mentioned seriatim with the above details)

Date and time of e-auction: 26.03.2021 between 11.00 A.M. to 1.00 P.M. (time) with auto extension of 5 minutes each till sale is completed at the platform of https://www.mstcecommerce.com/auctionhome/ ibapi.

For detailed terms and conditions of the sale, please refer to the service providers website https://www.mstcecommerce.com/auctionhome/ibapi or bank’s website www.iob.in .

Place: Chennai Authorised Officer Date: 06.03.2021

This may also be treated as a Notice under Rule 8(6)/Rule 9(1) of Security Interest (Enforcement) Rules, 2002 to the borrower/s and guarantor/s of the said about holding of e-auction on the above mentioned date.

Terms and Conditions

1. The property(ies) will be sold by e-auction through the service provider https://www.mstcecommerce.com/auctionhome/ibapi under the supervision of the of the Authorized Officer of the Bank.

2. The intending Bidders /Purchasers are requested to register on portal https://www.mstcecommerce.com/auctionhome/ibapi using their mobile number and email-id. Further, they are requested to upload requisite KYC documents. Once the KYC documents are verified by e-auction service provider (may take 2 working days), the intending Bidders /Purchasers has to transfer the EMD amount using online mode in his Global EMD Wallet account by 24.03.2021 by 5.00 pm. Intending bidders shall have a valid email address and should register their name / account by login to the website of the aforesaid service provider.

3. Earnest Money Deposit (EMD) amount as mentioned above shall be paid online through NEFT/RTGS mode (After generation of Challan from https://www.mstcecommerce.com/auctionhome/ibapi which will provide account details) in bidders Global EMD Wallet account. Bidders, not depositing the required EMD online, will not be allowed to participate in the e-auction. Bids without EMD shall be rejected summarily. The Earnest Money Deposited shall not bear any interest. The amount of EMD paid by the successful bidder shall be adjusted towards the sale price.

4. The intending participants of e-auction may download copies of the Sale Notice, Terms & Conditions of e-auction, Help Manual on operational part of e-auction related to this e- auction from e-B क्रय – IBAPI portal (https://www.ibapi.in).

5. The submission of online application for bid with EMD shall start from 08.03.2021. 6. Bidder’s Global Wallet should have sufficient balance (>=EMD amount) at the time of bidding.

7. Online auction sale will start automatically on and at the time as mentioned above. Auction / bidding will initially be for a period of 120 Minutes with auto extension time of 5 minutes each till the sale is concluded.

8. During the e-auction bidders will be allowed to offer higher bid in inter-se bidding over and above the last bid quoted and the minimum increase in the bid amount must be of Rs. 100000/- to the last higher bid of the bidders. 5 minutes time will be allowed to bidders to quote successive higher bid and if no higher bid is offered by any bidder after the expiry of 5 minutes to the last highest bid, the e-auction shall be closed.

9. The property shall be sold to the successful bidder. The successful bidder (purchaser) as declared by the Authorised Officer shall deposit 25% of the sale price (less EMD amount) immediately on the same day and not later than the next working day in favour of “Indian Overseas Bank., Cathedral Branch” to the credit of A/C No. 010902000970853 Indian Overseas Bank, Cathedral Branch 762, , Chennai - 600 002, Branch Code: 0109, IFSC Code : IOBA0000109

10. The balance amount of sale price shall be paid within 15 days from the date of confirmation of auction sale. Failure to remit the entire amount of sale price within the stipulated period will result in forfeiture of deposit of 25% of the bid price to the secured creditor and forfeiture of all claims over the property by the purchaser and the property will be resold.

11. The sale certificate will be issued in the name of the successful bidder (purchaser) only, after payment of the entire sale price amount and other taxes/charges, if any.

12. The purchaser shall bear the charges/ fee payable for conveyance such as registration fee, stamp duty, etc., as applicable as per law.

13. The Authorized Officer has the absolute right to accept or reject any bid or postpone or cancel the sale, as the case may be without assigning any reason whatsoever.

14. The property is being sold on “As is where is”, “As is what is” and “Whatever there is” basis. The Bank has disclosed only the known encumbrances, statutory liabilities, if any, as above and it is for the purchaser to make their own independent enquiries at their own costs before participating in the auction.

15. As regards the statutory dues stated above, Bank dues will have priority over statutory dues. Without prejudice to the above, statutory liability, if any, shall be borne by the purchaser and the Bank assumes no responsibility in this regard.

16. Sale is subject to confirmation by the secured creditor Bank.

17. The e-auction advertisement does not constitute and will not be deemed to constitute any commitment or any representation by the bank. The Authorised Officer/Secured Creditor shall not be responsible in any way for any third party claims / rights / dues.

18. *In compliance with Section 194 IA of the Income Tax Act, 1961 income tax @ 0.75 % on the Reserve Price shall be deducted and paid under the PAN of the Purchaser. The bidder shall bear the 0.75 % income tax on the bid amount and the bank shall not take any responsibility for the same. Highest bidder for item No.5 and 6 has to bear GST @18% *In case of any sale/transfer of immovable property of Rupees Fifty lakhs and above, the transferee has to pay an amount equal to 0.75 % of the consideration as Income Tax.

As per the press release issued by Central Board of Direct Taxes dated 13.05.2020, the rates of Tax Deduction at Source (TDS) for the non-salaried specified payments made to residents has been reduced by 25% for the period from 14.05.2020 to 31.03.2021. Hence, the Income Tax on the bid amount shall be 0.75% during the period from 14.05.2020 to 31.03.2021.

AS per section 194(O) of Income Tax Act 1961, the purchaser is liable to pay TDS to e- commerce participant in respect of sale of goods or provision of services facilitated by the Operator through its Digital or electronic facility or platform at applicable rates. The bidder shall bear the amount equivalent to the TDS deducted under Sec. 194-O of the Income-tax Act, 1961.

“The Bank reserves the right to defer or cancel the sale at any point of time before the issuance of sale certificate. If by virtue of Section 13(8) of the SARFAESI Act as amended in 2016, if the bank is constrained to cancel the sale at any point of time, no interest amount or any other amount such as damages, charges/ costs etc will be payable on the purchase consideration received from the bidder/ purchaser”.

19. For verification about the title documents and inspection thereof, the intending bidders may contact Indian Overseas Bank, KILPAUK BRANCH No.477, Kilpauk Garden Road,Chennai-10 Ph : 044 - 26461141/ 26460178 E-mail : [email protected] during working hours till 24.03.2021, 5.00 PM.

20. The intending bidders are advised to read the sale notice, terms and conditions of e- auction, help manual on operational part of e-auction and follow them strictly. In case of any difficulty or assistant is required before or during e-auction process, the bidder may contact authorised representative of e-auction service provider (https://www.mstcecommerce.com/ auctionhome.ibapi), details of which are available on the e-Auction portal.

21. Once the e-Auction is closed, successful bidder shall be informed by the above referred service provider through SMS/e-mail in the mobile number/e-mail registered with the service provider. However, the sale is subject to confirmation by the secured creditor.

22. Platform (https://www.mstcecommerce.com/auctionhome/ibapi) for e-auction will be provided by service provider M/S MSTC Limited having Registered office at 225-C, A.J.C. Bose Road, Kolkata-700020 (contact Phone & Toll free Numbers 033- 22901004, operation time of Help desk: 8:00 am to 8:00 pm). The intending Bidders /Purchasers are required to participate in the e-auction process at e-auction Service Provider’s website https://www.mstcecommerce.com/auctionhome/ibapi.

Place: Chennai, Authorised Officer. Date:06.03.2021