Shah Group gets Mercantile Bank's Vashi property

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Thane, Jan 14 (UNI) Following a No Objection Certificate to Mercantile Bank, the latter's Vashi property will now be registered in the name of the Shah Group Builders.

The Shah Group has paid the first instalment of the sale amount to Mercantile Bank, a spokesperson for the group said.

The huge building of Mercantile Bank, situated in Sector 17 of Vashi, was sold through open auction.The Shah Group had bagged the property with its highest bid of Rs 73.76 crore. But the matter was embroiled in legal wrangles thereafter.

The legal hurdles have now been cleared and Shah Group CMD Nalin Shah said he proposes to build a 25-storeyed building at the site to create a mall and ultra-modern office space.


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