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May 13, 2002 | 1150 IST
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Home Trade can pay all dues: Agarwal

BS Regional Bureau

The 37-year-old Sanjay Agarwal, chair- man of Home Trade Ltd, said his company could pay all its dues. He had surrendered before the court on May 11.

Vinod Thakare, Agarwal's lawyer, said this was his surrender statement before the judicial magistrate. However, the statement did not mention where Agarwal was when the scam came to light.

Nor does it say anything about the investments made by the Nagpur District Central Co-operative Bank. The amount Home Trade holds is also not revealed.

There were other omissions too: reasons for the delay in giving deliveries of government securities or banks Home Trade had been dealing with.

The surrender statement does not even name Sunil Kedar, former chairman of Nagpur District Central Co-operative Bank. There was a reference to a "business model", but stopped short of explaining what it was or why it failed.

The following is the text of the statement: "For the last few days, there has been a large number of media reports regarding inquiries and investigations into the company's affairs.

There are also reports that the company owes its creditors money.

"The company has built up the business model over the last few years. It primarily provides financial services. The company has positioned itself as the world's first fast-moving financial goods company.

"There have been debt issues by the company. The firm is in the process of investigating and sorting out the various issues with the banks concerned. The company is sure that it has the ability to pay its dues to the creditors and resolve all issues.

"The company will continue its business despite the setback due to media reports and investigations. It is confident about its business and the business model. It is also confident of its success."

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