Rajkot: A team of Union Bank of India today sealed Rajkot-based Rajmoti Oil Mill through a procedure of possession under the SARFAESI Act.

The mill, according to the officials has been sealed for non-payment of installments of loan worth Rs. 140 crore. Rajmoti Mill is owned by Samir Shah who was once headed Saurashtra Oil Mills Association (SOMA) and Chamber of Commerce.

The sealing and possession-taking procedure was executed in police protection.

Shah reacting to this procedure said, that due to an unfortunate incident (the murder of a laborer for which Shah was arrested) in 2018, the mill remained shut for a long and therefore interest on loan piled up. He said the loan was taken in the year 2010. He said he had proposed a settlement but the bank was not ready to budge. He said he was not served notice prior to the possession-taking procedure. DeshGujarat