Saraswat Bank transfers loans obtained by Dhanada Corporation to Phoenix ARC

Saraswat Co-op Bank has absolutely assigned and transferred unto and in favour of the Phoenix ARC Private all facilities / loans obtained by Dhanada Corporation from Saraswat Co-op Bank together with all underlying securities, interests thereto and all rights, title, interests in all agreements, deeds and documents in connection with the facilities / loans. The company has received a letter from Saraswat Co-op Bank and Phoenix ARC, Trustee of Phoenix Trust pursuant to the Assignment Agreement made between the aforesaid parties. Similar letters are also received by the subsidiary of the company, Dhanada Engineering Private. The management is taking every effort to remedy the situation as early as possible.