Bank to sue Amisha Patel for loan recovery

The Canara Bank had given the loan amounting to Rs 11.75 crore for financing their business firm.

india Updated: Sep 20, 2006 17:40 IST

Canara Bank has issued a legal notice to actress Amisha Patel and her family members seeking recovery of dues amounting to Rs 11.75 crore, loaned to them for financing their business firm.

The notice has been sent to Amisha Patel, her mother Asha, father Amit, actor-brother Ashmit and their Nasik-based firm Messrs Jai Electronics, lawyer of Canara Bank Nishit Dhruv said.

The notice, issued by M Dhruv and Co on September 9, has asked the Patels to pay the amount within seven days, failing which the bank would be compelled to take legal action by filing a recovery suit in an appropriate court.

"We shall proceed in accordance with law and if necessary file a suit for recovery of dues", said Dhruv.

Asha Patel said she was not aware of this. "There are attempts to malign our family and some vested interests were behind this", she said.

Other members of the Patel family were not available for comments.

Amisha, Asha, Amit and Ashmit are directors of the family business firm M/s Jai Electronics, which had obtained overdraft and other credit facilities from Canara Bank's Queens Road branch here in 2001. Later, the credit facilities were transferred to Canara Bank's Girgaum branch.

All members of Patel family, including Amisha, had guaranteed repayments to the extent of Rs 10 crore alongwith further costs and charges, the notice pointed out.

First Published: Sep 20, 2006 17:40 IST