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Chandaria joins suit to wind up Nakumatt with Sh353m demand

Nakumatt managing director Atul Shah. FILE PHOTO | NMG
Nakumatt managing director Atul Shah. FILE PHOTO | NMG  

Consumer goods manufacturer, Chandaria Industries, has joined the list of creditors demanding liquidation of Nakumatt with the filing of an application to be part of the insolvency petition against the retailer to recover a Sh353 million debt.

The firm, founded by billionaire businessman Mahesh Chandaria, has sought to join African Cotton Industries’ petition seeking Nakumatt’s liquidation.  

“Take notice that Chandaria Industries Limited, a creditor of Sh353,801,207.98 of Nakumatt Holdings Limited, the respondent debtor herein, intends to appear at the hearing of the petition, and to support such petition,” the firm said in a notice filed in court on September 18.

It, however, has not listed particulars of the debt, leaving unknown the history of its Sh353 million claim and whether the amount cuts across all countries where Nakumatt is present.

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