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Yashovardhan Birla declared willful defaulter by UCO Bank

  •   Sun, Jun 16 2019 09:28:20 PM

Mumbai, Jun 16 (IANS): UCO Bank on Sunday declared Yashovardhan Birla, the Director of Birla Surya Ltd, as a willful defaulter after the company failed to repay loans of Rs 67.65 crore.

Yashovardhan Birla is also the Chairman of the Yash Birla Group.

In a public notice which also carried a photo of Yashovardhan Birla, UCO Bank said the account was declared a non-performing asset (NPA) on June 3, 2019.

"The Birla Surya Limited was sanctioned with credit limit of Rs 100 crore only with fund-based facilities for the purpose of manufacturing multi crystalline solar photovoltaic cells from our flagship corporate branch, Mafatlal Centre, Nariman Point, Mumbai. The present balance outstanding is Rs 67.65 crore plus unapplied interest from the date on NPA," the notice said.

The bank further said that the borrower didn't repay the dues despite several notices served by the Kolkata-based lender.

Interestingly, UCO Bank was founded in 1943 under the aegis of industrialist G.D. Birla, the brother of Yashovardhan Birla's great grandfather Rameshwar Das Birla.
  

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Comment on this article

  • Jossey Saldanha, Mumbai

    Mon, Jun 17 2019

    Tata, Birla Group Market Cap Falls Rs.61,664 Crores after ...

    DisAgree Agree Reply Report Abuse

  • SmR, Karkala

    Sun, Jun 16 2019

    The 150-year-old group, which reportedly has a turnover of Rs 3,000 crore, has nine publicly listed companies.

    In 2014 Anant Vardhan Pathak, group president, Corporate Communications and Corporate Affairs by the Narcotics Control Bureau has arrested a top corporate honcho for being in possession of “enough cocaine to service a party” after-tax sleuths stumbled upon the contraband during a search at offices of Yash Birla Group companies.
    Industrialist Aditya Birla, who came under investigation by the CBI in the coal allocation case, was the largest contributor to BJP donating Rs 7.50 crore through his General Electoral Trust in 2012-2013. The Trust had donated Rs 26.6 crore to the BJP between 2004-2005 and 2011-2012.

    This is the classic example of how NPA is being misused by the party for political funding bankrupting our public sector banks. If the Demonetisation is the success story of PM Modi government which he asked for 50 days times, then private companies won't be during the banks.

    The PM Modi government which promised 'corruption-free India' in 2014, seems to be one of the top beneficiaries of these NPA defaults.

    If the government is alert, 2014 narcotics arrest should be a red flag for the government for the investigation. But BJP seems which received one of the largest political funding remained silent until UCO bank declared willful defaulter.

    If the PM Modi government learned something from Vijaya Mallay escape who is also wilful defaulter, their won't be the repetition of economic offenses.
    Jai Hind

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