PNB plans to attach Silverline Tech assets

PNB had sanctioned the company a letter of credit (LC) amounting to Rs 5.58 crore in September 2001 for import of computer hardware and software and the bills drawn under the LC were due for payment on 25 March 2002. However, the company has not paid up the due.

The 60-day notice period under the Securitisation Act will expire on February 1, 2003 and the bank will take over Silverline’s assets in the event of non-payment of debt before this date.

Meanwhile, the company’s stock plummeted over 11.60 per cent to Rs 17.90 following a notice on overdues from Punjab National Bank. STL plunged 13.8% last week to Rs 20.25, still haunted by the poor results for the July-September 2002 quarter. The stock has been badly battered of late and a recent recovery proved short-lived. A recovery on the counter around mid-November 2002 that ran till early December 2002 was followed by a sustained fall.

The scrip gained 90.4% from Rs 16.20 on November 13, 2002 to Rs 30.85 on December 6, 2002. From there on, the scrip has lost 40.8% within a month to the current Rs 18.25. The stock has seen a surge in trading volumes in recent weeks.