While crisis continues in the cashew sector, one more processor has committed suicide allegedly due to financial issues.
Satyan, a 52-year-old factory owner from Puthoor, jumped in front of a moving train on Friday, killing himself. According to relatives and friends, he incurred huge loss in business due to the problems in the industry.
Sometime ago, another processor Radhakrishna Pillai had committed suicide allegedly due to his financial liabilities. There was also a case of a processor and owner of five factories who slit his wrists after he was served with revenue recovery notice. Several such processors are reportedly facing revenue recovery threats.
Time not given
The defaulters allege that they are denied adequate time to repay the dues, as the debt is listed as non-performing asset soon after the completion of 90 days of non-payment. Currently, the banks charge an interest rate up to 12% from the processors, which makes the situation more critical as many of them are in need of fresh working capital.
