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This is an archive article published on June 23, 1997

Daewoo washes hands off CRB

NEW DELHI, June 22: Korean Chaebol, Daewoo, assured the Delhi High Court that its Indian venture Daewoo Finance Pvt Ltd. had nothing to d...

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NEW DELHI, June 22: Korean Chaebol, Daewoo, assured the Delhi High Court that its Indian venture Daewoo Finance Pvt Ltd. had nothing to do with the Rs 1,200 crore CRB scam.

CRB Caps, which once had 50 equity in the finance company, at present has 24 share holding and the official liquidator has put the total money owed by the Daewoo Finance Ltd to CRB caps at Rs 4.04 crore.

The HC had frozen the accounts of Daewoo Finance Ltd as its name figured in the list of 40 sister companies of CRB caps, supplied by the official liquidator.

However, counsel for the company K T S Tulsi said the company was not running away from its liability towards CRB and assured the court that it had done all bona fide transactions with CRB Caps.

Mr Justice S N Kapoor reserved order on the Daewoo Finance Ltd8217;s plea till Monday after hearing extensive arguments.

Tulsi agreed even for the replacement of C R Bhansali, chief of CRB Caps, and his wife Manjula Bhansali in the board of Daewoo Finance Ltd.

He said the official liquidator has misguided the court by saying that Daewoo was part of the CRB group.

 

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