HYDERABAD, May 22: The Andhra Pradesh Industrial Development Corporation (APIDC) has moved in to seize the properties of CRB Capital Markets to recover its dues.

The state corporation, which had extended a bill rediscounting facility worth Rs 1.8 crore to CRB, on Thursday, transferred 23,000 Reliance shares mortaged with it by the finance company into its own name. The shares are valued at over Rs 70 lakh at today's price.

The corporation has also moved in to lock CRB premises in the busy Abids commercial area of the city in a bid to get the remaining amount. The corporation has already advertised to dispose of the property, APIDC managing director RP Singh newsmen.

About three other Hyderabad-based finance companies are also reported to have extended such a facility to CRB amounting to Rs 2 crore each.

CRB had apparently pledged properties, including three flats in Mumbai, and shares worth Rs 4 crore with the the corporation to avail itself of the bill rediscounting facility. ``We are authorised to recover the amounts,'' Singh said.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.