SBI sends recovery notice to Yash Birla's firm

Mumbai: State Bank of India on Thursday sent notice to two directors of Birla Cotsyn, including Yash Birla, to repay Rs 17.80 crore debt and warned of legal actions if they failed to do so.

Besides Birla, the notice has been issued to another director P V R Murthy.

"The defaulter borrowers (Birla and Murthy) are notified to pay their dues to the bank within fifteen days from the date of publication of this notice failing which further appropriate legal actions will be initiated against them at their cost," the bank said in a public notice.

The company owes Rs 17.80 crore as on March 31, 2017.