Indian Bank seizes Saravana Stores Gold Palace in Chennai

Indian Bank has taken physical possession of Saravana Stores (Gold Palace) located on Ranganathan Street in T. Nagar, a commercial hub of Chennai. The bank took the action under the SARFAESI Act. It was executed by court-appointed Advocate Commissioner RS Dhuriyan with the help of the local police. In May 2021, Indian Bank declared the company a non-performing asset with outstanding dues of around INR 231 crore, and reported it as 'fraud' to the RBI.