State-owned MSTC Ltd was hopeful of recovering Rs 600 crore unrealised from overseas buyers for gold jewellery sales in 2008-09.
"We are making progress on the recovery process. We are winning some of the cases and most of the verdicts are in our favour," MSTC Chairman and Managing Director S K Tripathi said here today.
Speaking on the sidelines of a session of the Bharat Chamber of Commerce he said that though the legal process was time consuming recovery was expected to take place.
A parliamentary committee in its report had said that MSTC sold Rs 638 crore in gold jewellery to 47 foreign buyers through six Mumbai-based sellers in 2008-09.
Of this, Rs 599 crore remained outstanding from 46 foreign buyers in UAE, Kuwait and Singapore who had cited economic slowdown as a cause of failure to repay, the panel noted.
"We are making progress on the recovery process. We are winning some of the cases and most of the verdicts are in our favour," MSTC Chairman and Managing Director S K Tripathi said here today.
Speaking on the sidelines of a session of the Bharat Chamber of Commerce he said that though the legal process was time consuming recovery was expected to take place.
A parliamentary committee in its report had said that MSTC sold Rs 638 crore in gold jewellery to 47 foreign buyers through six Mumbai-based sellers in 2008-09.
Of this, Rs 599 crore remained outstanding from 46 foreign buyers in UAE, Kuwait and Singapore who had cited economic slowdown as a cause of failure to repay, the panel noted.
Sandip Ginodia , Director
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