The consortium will servenoticeof possession if Kingfisher fails to repay loans it has already called in, State Bank of India Deputy Managing Director Shyamal Acharya told reporters on the sidelines of an event without detailing when.
The moves by the U.S. Federal Reserve, the European Central Bank, the Bank of Japan and other central banks of the world servenotice that they are in unison on making sure the European Union debt crisis does not spread into a worldwide financial contagion.
Companies could be barred from using rolling contracts - where the contract is renewed each day so that at any given time directors have a fixed notice period to serve - to get around limits on the length of time they may serve.