:| SASF |:

Notices :

Whereas

The undersigned being the Authorised Officer of Stressed Assets Stabilisation Fund under the Securatisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and in exercise of the powers conferred under section 13(12) read with rule 9 of the Security Interest (Enforcement) Rules, 2002 issued demand notice dated July 24, 2002 calling upon Usha Ispat Ltd. ("the Borrower") to repay the amount mentioned in the notice being Rs.594,52,20,451/- (Rupees Five Hundred Ninety Four Crore Fifty Two Lakh Twenty Thousand Four Hundred Fifty One only) as on July 24, 2002 with further interest thereon from July 24, 2002 at the contractual rate within 60 days from the date of receipt of the said notice.

The Borrower having failed to repay the amount, notice is hereby given to the Borrower and the public in general that the undersigned has taken the physical possession of the property at Redi on 26th December, 2005 in exercise of powers conferred on her under section 13 (4) of the said Act read with rule 9 of the said Rules. The undersigned had caused the inventory of the movable and immovable properties at Redi to be taken on 26th December, 2005.

The Borrower in particular and the public in general is hereby cautioned not to deal with the property and any dealings with the property will be subject to the charge of Stressed Assets Stabilisation Fund for an amount of Rs.594,52,20,451/- and interest thereon.

Description of the Immovable Property

All those pieces and parcels of land admeasuring 45-37-72 hectares situated in various Survey nos. (list available with the undersigned) at Village Redikanyal, Taluka Vengurla, Dist. Sindhudurg, Maharashtra State, together with all buildings and structures thereon and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth both present and future.

	(V. Bharathy)
Date : 27 /12/2005	Authorised Officer,
Place : Mumbai	Stressed Assets Stabilisation Fund