Tags:
Journalism of Courage
MUMBAI, May 15: CRB Capital Markets, which has been facing rough weather, today downed shutters at its headquarters in Mumbai following its inability to meet a run on its fixed deposits. The company8217;s fixed deposit liabilities exceed Rs 132 crore.
The CRB headquarters at DBS House in South Mumbai8217;s Fort area was closed around noon today as several score depositors thronged the place demanding a return of their deposits. 8220;There is a run on the group,8221; sources said.
Sources said that the group would be able to pay interest on deposits up to Rs 1,000. Principal and interest above this level will not be serviced for the time being, said sources.
The CRB group has reportedly told its depositors that outstandings above this limit will be settled only after about a month.
