Having seized Eupharma Labs' Vile Parle (Mumbai) and Gujarat properties, the consortium of banks comprising of State Bank of India [SBI], Indusind Bank, and Oman International Bank SAOG is now contemplating to attach the personal assets of the company promoter, Ramanlal Shah to cover the outstandings of Rs. 42 crore that the company owed to the consortium.

On November 15, the consortium seized the Gujarat property of Eupharma Laboratories Ltd comprising of factory and land as per the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance, 2002.

"The valuation of the properties seized in Mumbai and Gujarat comes to about Rs. 23 crore. To recover the remaining dues we are working out legally to seize personal assets of Shah like his place of residence, land and offices," said a senior State Bank official. Since this property is not part of the mortgage, the Securitisation ordinance cannot be applied here, he added.

The official however could not give the valuation of Shah's personal assets. "We are studying the matter. Right now, we cannot disclose the value of his personal assets," he said.

Eupharma further owes about Rs. 15 crores as employees' salaries, government taxes and other funds and to creditors. "We are legally responsible only towards the assets seized. The brunt of the settlement of these arrears have to be borne by Shah himself," said the SBI official.