Governance Now Masterminds

When sugar turned bitter

Punjab CM’s kin among officials of sugar mill booked for alleged bank loan fraud and default

GN Bureau | February 26, 2018


#Simbhaoli Sugars Ltd   #Sugar   #Captain Amarinder Singh   #Bad Loan  


Gurpal Singh, son-in-law of Punjab chief minister Captain Amarinder Singh, is among the top officials of Simbhaoli Sugars Ltd who have been booked for alleged bank loan fraud of Rs 97.85 crore and default of Rs 110 crore, a media report said.

The bank loan fraud and default at Simbhaoli comes close on the heels of fraud worth Rs 11,000 crore detected at a branch of the Punjab National Bank involving billionaire jeweller Nirav Modi and Rotomac pen owner Vikram Kothari being taken into custody in connection with Rs 3,695 crore loan default case.

Established in 1933 by Raghbir Singh Sandhanwalia, Simbhaoli Sugars was amongst the first sugar plants to be set up in north India. Three sugar complexes - Simbhaoli (western Uttar Pradesh), Chilwaria (eastern Uttar Pradesh) and Brijnathpur (western Uttar Pradesh) have an aggregate crushing capacity of 20,100 tons of cane per day.

According to the FIR filed by the CBI, there are two loans, both from the Oriental Bank of Commerce, under probe — a Rs 97.85 crore loan which was declared fraud in 2015, and a corporate loan of Rs 110 crore used to repay the previous loan. The second loan was declared NPA (non-performing asset) on November 29, 2016, nearly three weeks after demonetisation of Rs 1,000 and Rs 500 notes was announced, reported  Indian Express HYPERLINK http://indianexpress.com/article/india/punjab-cm-amarinder-singhs-son-in-law-among-13-booked-for-bank-fraud-simbhaoli-sugars-5078212/

The CBI has booked Gurpal Singh, Simbhaoli Sugars’ chairman Gurmit Singh Mann, CEO G S C Rao, CFO Sanjay Tapriya, executive director Gursimran Kaur Mann and other company officials as well as unknown bank officials. The sleuths carried out searches at eight premises.
 

Comments

 

Other News

There is huge hunger for news, says Ashish Bhasin

India is a news-hungry nation with more than 1 lakh newspapers, apart from many news channels. News consumption is high – more so in smaller cities, and the industry needs to capitalize on its huge untapped potential, believes Ashish Bhasin, CEO, APAC, and chairman, India Dentsu Aegis Network.

Amnesty wind-up: NHRC notice to home ministry

As the Amnesty International downs the shutters on its India operations, the National Human Rights Commission (NHRC) has taken suo motu cognizance of the matter and sought the home secretary’s response on the allegations levelled by the global organisation. Amnesty International in Ind

Covid-19 triggers research culture in Ayurveda, traditional medicines

The Covid-19 pandemic has brought the spotlight on the health-promotive and disease-preventive solutions of Ayush (Ayurveda, Yoga, Unani, Siddha, Homeopathy) disciplines. What has not come into the limelight is the emerging nationwide trend in the Ayush disciplines, of taking up evidence-based studies.

Derivative market for electricity in India: Will it lead to innovation or speculation?

The Indian electricity sector is going through an interesting phase right now. Many reforms are being introduced to increase competitiveness and transparency in the sector. The power market in India is a surplus market now and the spot prices are going down day by day. With all these indicators signaling a

A walk down the rich history of Ayurveda

The Indic Quotient: Reclaiming Heritage through Cultural Enterprise By Kaninika Mishra Bloomsbury India, 230 pages, Rs. 499    Over the past decade, India has seen a significant rise in passion for enterprise as well as pride in her

Is China gearing up for prolonged conflict with India?

International observers will keenly watch the Chinese Communist Party Central Committee meeting next month. The central committee is the highest organ of the CCP with a mandate to execute the decision of the National Congress which is convened once every five years.   Besides economy, r

Governance Now Masterminds

Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter