Future Market Networks Limited has provided collateral security towards the loan availed by Hare Krishna Operating Lease Private Limited ("Borrower" / a promoter group company) from Hero FinCorp Private Limited (Lender). The Borrower defaulted the payment to the Lender. The matter was referred under SARFAESI Act.
The Hon'ble Chief Metropolitan Magistrate at Esplanade, Mumbai refereeing to Securitisation Application No.84/SA/2023, an application Under Section 14 of the SARFAESI Act allowed and Authorized Officer (As per 'SARFAESI Act') to take over possession of the below mentioned secured assets on behalf of the Lender vide their order uploaded on September 14, 2023.
Details of collateral security provided by the Company
All that piece and parcel of the commercial unit ('Unit') admeasuring approximately 43,096 sq.ft., carpet area of the first floor and second floor including W.C. Blocks admeasuring 1933.70 sq.ft. in the building known as 'R Mall' situated at Lal Bahadur Shastri Marg (formerly known as Bombay Agra Road), in the revenue village of Mulund (West) in Greater Mumbai, Taluka Mulund, District Mumbai Suburban in Greater Mumbai. Together with all right, title and interest of the Mortgagor in relation to the Unit and the right to common areas and facilities of the Property appurtenant to the Unit as well as any parking spaces allotted to such Unit.
Advocate Mr. Abhishek Mahendra Singh, R/o, 459, Guruprasad Steel Centre, New Mill Road, Kurla (W), Mumbai is hereby appointed as Court Commissioner to take over possession of the aforesaid secured assets of the Company.
As on date the Unit is non-operational and the Company is in the process of seeking legal advice in this regard and shall update details in due course as and when required.
Shares of Future Market Networks Limited was last trading in BSE at Rs. 5.98 as compared to the previous close of Rs. 6.17. The total number of shares traded during the day was 28828 in over 78 trades.
The stock hit an intraday high of Rs. 6.32 and intraday low of 5.90. The net turnover during the day was Rs. 172946.00.