NDCC Bank has started the process of auctioning the property of Renukadevi Industrial Powerloom Womens’ Cooperative Society in Malegaon to recover its outstanding loan of Rs 7.5 crore and the interest of Rs 24.5 crore.
"People holding higher and responsible posts are vested with responsibility to manage financial affairs to ensure not a rupee is wasted. Breach of trust by such responsible persons invites this Court to deal with the accused persons with steel hands," the court said.