Thursday, July 5, 2012

Preliminary Termination notice issued to Spanco by MSEDCL

Spanco, operating Distribution Franchisee in Nagpur, has been issued a preliminary termination notice by MSEDCL for its continuous delays in paying the dues. The total dues stands at Rs. 225 Cr., as of 4th July, as per latest news by MSEDCL.

MSEDCL issued the notice on 26th June, 2012 and has given a month's time for Spanco to clear all dues. In response to this, Spanco's top official said, 'We are committed to clear all dues to MSEDCL within the given time frame.'

According to Spanco officials, 'The notice is regarding only dues and MSEDCL is happy over performance of Spanco'. The company has started Escrow payment since January, 2012.

The above is an excerpt from the following news article by Times of India (TOI). For more information, please see: 

Posted by: Kunjan Bagdia @ pManifold    

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