Chennai: Former Maruti Suzuki MD Jagdish Khattar-promoted multi-brand car service company Carnation Auto is facing bankruptcy. A corporate insolvency resolution process has been initiated against the company by its creditor Punjab National Bank (PNB), which has asked for expression of interest for a resolution plan from interested parties.
Carnation was formed in a blaze of high profile investments in 2008-09 after Khattar retired from Maruti Suzuki. Top investors in the company include the likes of Premji Invest and Mumbai-based Gajaa Investment, which together is understood to have pumped in around Rs 220 crore into the business. Speaking to TOI, Carnation Auto founder and chairman Jagdis…
Carnation was formed in a blaze of high profile investments in 2008-09 after Khattar retired from Maruti Suzuki. Top investors in the company include the likes of Premji Invest and Mumbai-based Gajaa Investment, which together is understood to have pumped in around Rs 220 crore into the business. Speaking to TOI, Carnation Auto founder and chairman Jagdis…
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