Date: September 8, 2009
The Chief Vigilance Officer
State Bank of India
Mumbai
Respected Sir,
Reg: M/S Gurera Synthetics Pvt. Ltd a/c with Thane Main Branch, Thane
I the undersigned am a citizen of this country presently working in Mumbai. I have come across the remission granted by Thane Main Branch, Thane to M/S Gurera Synthetics Pvt. Ltd. According to me the said remission is not justified considering the security available.
Mr. Satyapriya Ramrichipal Arya, residing at flat No. 65, Mount Unique Hsg Society, 62A Peddar Road, Mumbai 400 026 is a director of the company Gurera Synthetics Pvt. Ltd, D-6, MIDC Phase 1, Dombivali (E). M/S Gurera Synthetics Pvt. Ltd. is sanctioned credit limits by State Bank of India, Thane Main Branch and details of loan outstanding as on 30/06/2009 are as under,
Facility A/C Number Outstanding as on 30/06/2009
Cash Credit [protected] 2,54,14,315.14
Term Loan [protected] 89,06,729.82
Total 3,43,21,044.96
Mr. and Mrs. Arya owns flat no. 54 Mount Unique Hsg Society, 62A Peddar Road, Mumbai 400 026 and valuation of the property at current market price is in excess of Rs. 5,50,00,000/- . The said flat is mortgaged to SBI as a collateral security for the above mentioned facilities besides primary security of stock/book debts and other tangible assets. Market value of the factory land and building is understood to be over Rs. 10 crores. Considering primary as well as collateral securities cushion available to the bank was in excess of Rs. 2000 lacs.
Mr. Arya had valid and enforceable title and bank can easily liquidate the security and recover the entire dues together with up to date interest. In any case interest waiver of any kind leading to sacrifice is thus not justified and if considered will be in violation of RBI guide lines for One Time Settlement.
As per information I had, Mr. Arya had finalized the deal for sale of his afore said flat and has entered into MOU. The consideration involved is in excess of Rs. 550 lacs. Bank officials are aware of the sales transaction and to our surprise had still recommended the interest waiver. Interest waiver involved is over Rs. 30 lacs and sanction is recently given for bullet payment of Rs. 325 lacs. If we calculate up to date interest then amount receivable will work out to Rs. 355 lacs suggesting that sacrifice involved is about Rs. 30 lacs.
Possibility that officials of the bank had mislead and projected incorrect market value of the security charged to facilitate OTS proposal of Mr. Arya and has thus become instrumental in causing loss to the bank vis-à-vis to its stake holders can not be ignored. Had the bank officials discharged duties diligently then the entire amount could have been recovered from the proposed sale of flat and huge amount of sacrifice could have been avoided.
I am perturbed to mention that the official of the Thane Main branch had failed to discharge duties diligently and had thus had onus of causing huge financial loss to the bank.
I demand that stern action against officials of the bank for causing loss to the stake holder’s money and OTS sanctioned shall be withhold without further loss of time.
Kindly do the needful at earliest.
Thanking you,
Yours faithfully,
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