MUMBAI: The Bombay high court recently halted enforcement of the guarantee given by Deepen Parekh, brother of late Amitabh Parekh, the then chairman and managing director of Parekh Aluminex Ltd, purportedly for recovery of outstanding loans of ₹2,762 crore from the company, which once claimed to be the largest manufacturer of aluminium foil containers, aluminium rolls and aluminium lids, in India.
A single judge bench of justice NJ Jamadar on December 14 declared that the 'Deed of Guarantee' executed by Deepen on April 10, 2014, had not become operative, which means that the consortium of banks, which extended the loans to Parekh Aluminex would not be able to enforce the guarantee given by Deepen, who is a financial consultant and mutual fund distributor.
The management and financial affairs of the company were severely affected after its chairman and managing director, Amitabh Parekh, passed away suddenly on January 6, 2013, at the age of 39 years. The company then owed a liability of ₹2,762.09 crore towards the loans and financial assistance availed from the consortium of banks, led by the Indian Overseas Bank.
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