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SBI reveals names of 10 big 'wilful defaulters'

  •   Fri, Jun 28 2019 01:50:34 PM

Mumbai, Jun 28 (IANS): The State Bank of India on Friday revealed the names of 10 new big-ticket firms from the pharmaceuticals, gems and jewellery and power sectors and also their top officials as it declared them 'wilful defaulters'.

Mostly based in Mumbai, the outstandings from these loan defaulters are pegged at nearly 1,500 crore, and they have been served repeated reminders to clear their borrowings.

The SBI has warned them all of legal action if they fail to repay their dues with interest and other charges within the next 15 days.

The defaulters also include players from the infrastructure and other sectors, according to public notices issued by the Stressed Assets Management Branch 1 (SAM-1), Cuffe Parade.

The biggest defaulter on the list, with an outstanding of Rs 3,47,30,46,322, is Spanco Ltd. The company has its office in Godrej Coliseum, Sion, and its two directors -- Kapil Puri and his wife Kavita Puri live nearby in Chembur.

The next one is Calyx Chemicals & Pharmaceuticals Ltd, Andheri East with an outstanding of Rs 3,27,81,97,772. Its directors -- Smitesh C. Shah, Bharat S. Mehta and Rajat I. Doshi -- are all based in Mumbai.

Raigad-based Loha Ispaat Ltd. has an outstanding of Rs 2,87,30,52,225 and its Chairman and Managing Director is Rajesh G. Poddar, while other directors named are Anju Poddar (both Mumbai-based), Manish O. Garg and Sanjay Bansal (both from Navi Mumbai).

Following them is Auro Gold Jewellery Pvt. Ltd. from Lower Parel, with an outstanding of Rs 229,05,43,248. Its Chairman Amritlal G. Jain and his son and Managing Director Ritesh Jain have been named as 'wilful defaulters'.

The others on the list include directors Imran Khan and Mohammed I. Khan of Excel Metal Processors Pvt. Ltd. with loans worth Rs 61.26 crore; directors Hrishikesh Shah and Jaykishan Shah of Microcosm Infrastructure & Power Pvt Ltd. with Rs 56.73 crore; and Metal Link Alloys Ltd. (currently in liquidation) Chairman Bhavarlal M. Jain, Managing Director Rajmal M. Jain and their father and Director Mangilal G. Jain with an outstanding of Rs 53.79 crore.

The smallest defaulters are: Directors Chetan R. Dhruv and Shirish J. Parekh of Resilient Auto India Ltd., Andheri with an outstanding of Rs 32.71 crore; directors Amin Rangara, Nizar Rangara, Malik Rangara and Daulataben Rangara of Rangara Industries Pvt. Ltd. with Rs 29.51 crore; and sole director Narayan P. Tekriwal of Global Hi-Tech Industries Ltd. with Rs 27.80 crore.

Public has been cautioned against having any dealings with these companies and individuals as it could be subject to the legal recourse the SBI is planning in the matter.
  

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Comment on this article

  • anthony, Mangalore

    Fri, Jun 28 2019

    What about the Big Sharks.

    DisAgree Agree [4] Reply Report Abuse

  • El En Tea, Mumbai

    Fri, Jun 28 2019

    Majority Indians want to know about Ramdev Baba Patanjali...

    DisAgree [1] Agree [4] Reply Report Abuse

  • Kiran Dsouza, Mangalore

    Fri, Jun 28 2019

    This time show no mercy to those who enjoyed for years by taking loans from banks.
    People have given Modi led BJP full majority to go after these people.
    Enough is Enough, it's time to confiscate all their belongings & distribute their assets among the poor with Direct Benefit Transfer or declare it as government assets.
    I am requesting the government to go after Benami Property holders,
    approximately 60% of the population in India doesn't even own a cent of Land.
    So there is urgent need to go after land mafias, benami property holders if the government really thinks about upliftment of the poor.

    DisAgree Agree [7] Reply Report Abuse

  • SmR, Karkala

    Fri, Jun 28 2019

    The Supreme Court on April 2019 orders gave the RBI "one last opportunity" to disclose annual inspection reports of banks as it just stopped short of issuing a contempt notice against RBI Governor Shaktikanta Das, and ordered the Reserve Bank of India to disclose the wilful defaulters' list under the Right To Information Act.

    The top court also ordered the central bank to withdraw its non-disclosure policy, which the court concluded is in violation of the apex court’s judgment in 2015

    Why the Supreme Court has not issued a contempt notice to the RBI Governor Shaktikanta Das for not violation of court orders?

    Secondly, Nearly 50% – or Rs 4.5 lakh crores of the total value of India’s non-performing assets (NPAs) are due to loans taken out by the top 100 borrowers, in response to RTI reply. While responding to an RTI query, the RBI refused to reveal who these top 100 borrowers are.

    In a 2015 decision, the Supreme Court had declared the RBI’s various appeals illegitimate and said the CIC’s directives were correct. The Supreme Court’s orders regarding transparency are dangerous because it will lead to a culture of secretive financial governance. This will enable financial scams to take place and allow defaulters to escape the country without repercussions, as has happened in recent times.

    Why the RBI protecting the financial fraudsters and encouraging the defaulters to escape?

    Jai Hind

    DisAgree Agree [6] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Fri, Jun 28 2019

    They Forgot Vijay Mallya ...

    DisAgree [4] Agree [5] Reply Report Abuse


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Title: SBI reveals names of 10 big 'wilful defaulters'



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