JAMES HOTELS LTD. - Notice from Lender Bank

James Hotels Ltd has informed BSE that the Company is in receipt of notice under SARFAESI Act, 2002 from the lender banks and in furtherance to that, possession notice dated October 29, 2014 is received by the Company from Punjab National Bank (one of the lender banks) on October 30, 2014 in which the bank had asked to deliver the possession of the secured assets before November 15, 2014 with the below mentioned details:<br/><br/>1. Entire fixed assets of the Company including equitable mortgage of commercial land measuring 9602 sq. yards and Building of the hotel situated at Block No. 10, Sector- 17, Chandigarh.<br/><br/>2. Pledge of 30% Share Capital of the Company i.e. 2400150 shares having face value of Rs. 10/- each in the name of directors.<br/><br/>The Company has filed petition in Hon'ble High Court, Mumbai. The possession of the secured asset has been stayed by the Hon'ble Court vide Order dated November 17, 2014 by granting status quo in the petition.