Panel of Investigating Agencies for identification of Assets

Sub: Panel of Investigating Agencies for identification of Assets

Terms and Conditions, Scope of Work, Background, Minimum Pre-Qualification Criteria


EDC Ltd., is a Government Company within the meaning assigned to this term under Section 617 of the Companies Act 1956 (Act 1 of 1956). EDC LTD., (Corporation) is also a deemed State Financial Corporation for the state of Goa in terms of the State Financial Corporation Act 1951.

In the course of its prescribed and legitimate activities, EDC Ltd., advances loans/finances to various industrial concerns within the territory of Goa.

The provision of Section 29, 30 & 31 of SFC Act, 1951 were extended to EDC by Central Govt. vide notification dated 04/01/1993.

The Corporation has been taking action since then against the defaulter borrowers under Section 29,30,31 of Act. The Corporation is also notified as a Public Financial Institution in January, 2007 and since then the provisions of SARFAESI Act, 2002 were applicable to EDC Ltd.. Under the SARFAESI Act, the security interest (enforcement) rules are prescribed which includes the sale of attached property.

The Corporation, after sale, proceeds to recover the balance amount from the Guarantors/Principal Borrowers, either by invoking Section 31(1) (aa) of the SFCs Act, before the District Court or under the RDB Act, before the DRT, Mumbai. The Corporation has filed several proceedings against defaulter companies/Promoters/Guarantors for recovery of balance dues.

The Corporation has also moved applications for execution of orders/decrees against the Promoters/Guarantors and the same are pending for want of personal assets of the Borrowers/Promoters/ Guarantors.

The Corporation is therefore required to provide the details of personal assets alongwith authentic proof to the Courts and ensure that the same are also free from any encumbrances/charges of any nature whatsoever. The Corporation therefore needs to identify the correct residential/commercial addresses of the Guarantors/Borrowers and their personal assets with authentic proof.

Minimum Pre-Qualification Criteria

Agencies should have done satisfactorily minimum three similar works preferably for Government organization/Banks in last 3 years. (By producing a certificate/documents from the Government Organization/Banks).

Terms and conditions and the Scope of Work

1) To carry thorough investigating to detect assets of Company, person and their legal heirs.

2) Investigating Report to be submitted along with certificate, backed by relevant/authentic documents, within 3 months from date of work order. If no report is submitted within the stipulated time, the agency shall not be entitled for further agreed service fees.

3) Agency shall use their manpower.

4) The Corporation shall furnish initial information on the details of guarantors, if available in the record.

Payment for services

Not be linked to loan outstanding and it shall be limited to a lump sum amount or shall be based on Man-Hours utilized plus travelling cost. The empanelled agencies will be given work, case to case basis or by clubbing various cases. The EDC Ltd. will decide terms of payment with mutual discussions, based on relevant factors.

EDC Ltd.

EDC House, 1st Floor

Dr. Atmaram Borkar Road

Panaji – Goa 403 001


Telephone No. 0832-2221458

Mobile No. 9922092336

Download PDF