Brief: Arcee Industries says production stopped since April due to non availability of working capital limits

Arcee Industries

18/05/2016 09:08

May 18 (Reuters) - Arcee Industries Ltd  ARCE.BO : 
 * Production has stopped since April 2016 due to non availability of working 
   capital limits 
 * Pnb not releasing title deeds of property mortgage to bank because the 
   account of Arcee ispat udyog has become npa 
 * Trying to convince pnb for releasing title deeds 
   
* Source text: Arcee Industries Ltd has informed BSE that "production has stopped since April 2016 due to non availability of working capital limits. The company has squared up the Working Capital limits of Punjab National Bank in October 2015 as per instruction of PNB. But the PNB is not releasing the title deeds of property (Unit at 7th K M Barwala Road Hisar-125001, Haryana) mortgage to bank because the account of Arcee Ispat Udyog Ltd (associate concern of Arcee Industries Ltd.) has become NPA. 
 
We are trying to convince the PNB for releasing the title deeds so that we may avail working capital limits from any other bank and may resume manufacturing activities. We shall update BSE as soon as any development take place." 
 
 * Further company coverage  ARCE.BO   
 
   ((Bengaluru Newsroom; +91 80 6749 1130))