Gujarat govt cancels permits to company promoted by Sandesara
By Indian Express 09-Jul-2019
In a directive issued to the Gujarat Maritime board, Chief Ministry Vijay Rupani has called for immediate steps to recover the dues owed by Sterling Port and cancelled all permit to the company to develop the port.
Sterling Port Ltd is promoted by Nitin Sandesara of the Vadodara-based Sandesara Group. While Nitin Sandesara is believed to have escaped from India after it came to light that the company had major debts from financial institutions, the company continued to be the contractors for developing the port.
Lenders of Sterling Ports Ltd, which also ran into the bad books of its creditors, include Srei Infrastructure Finance, Andhra Bank and Corporation Bank.
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