Surya Pharmaceuticals Limited: Firm owners fail to pay loan, banks paste possession notice outside their house

There were three police personnel and two videographers of Chandigarh Police for the protection of Tehsildar Dhyan Singh Rathore during the proceedings to take possession.

Written by Saurabh Prashar | Chandigarh | Published:June 10, 2017 4:14 am
State Bank of India, Surya Pharmaceuticals Limited, loan default, chandigarh loan default, indian express news, chandigarh news Outside the house in question in Sector 9, Chandigarh, on Friday. Kamleshwar Singh

REPRESENTATIVES OF State Bank of India (SBI) and its seven consortium member banks on Friday pasted a possession notice outside the house of directors of Surya Pharmaceuticals Limited in Sector 9 for allegedly failing to repay around Rs 2,626.88 crore. The bank representatives were not able to enter the house as the entry gate was welded by the owners.

Fifty per cent share of house number 64, Sector 9, spread over six kanals belongs to the directors of Surya Pharmaceuticals Ltd, Rajiv Goyal and his wife Alka Goyal, who have reportedly failed to pay back around Rs 2,626.88 crore taken as a loan from the banks. Surya Pharmaceuticals Limited is a Baddi-based company.

There were three police personnel and two videographers of Chandigarh Police for the protection of Tehsildar Dhyan Singh Rathore during the proceedings to take possession.

Tense moments were witnessed when the bank officials tried to enter the house for taking possession but they were stopped by the security guards deputed outside the house.

Although the representatives of Surya Pharmaceuticals, including the company’s general manager B K Bhola, claimed to have obtained a stay on the possession-taken proceedings, they failed to produce any copy of the stay orders from the Punjab and Haryana High Court.
Around a dozen representatives of different banks with around two dozen private security guards went to the house to take possession but failed as the entry gate of the house had been welded.

The team of bank representatives was headed by the chief manager, SBI Sector 17, A S Sehgal, who decided to file a written complaint before the Deputy Commissioner alleging that due to the lax attitude of local officers, including police officers, they failed to get possession of 50 per cent of the house.

Sehgal said, “The district magistrate has ordered and authorised us to take possession of 50 per cent share of house number 64, which belongs to the borrowers, directors of Surya Pharmaceuticals Ltd, on June 8. We have completed all the formalities but despite the orders, we failed to take possession of the house. The pharmaceutical company’s directors had obtained huge loans for several projects a long time ago but failed to repay the loan.”

Tehsildar Dhyan Singh Rathore said, “Apart from unavailability of adequate police force, there was also confusion about the exact share, which was in the name of directors of Surya Pharmaceutical Ltd, which was to be sealed by us. I have lodged a report of the incident with Sector 3 police station. We will go again to the house on Monday.”

The banks from which the directors of pharmaceutical company obtained the loans included Punjab National Bank, IDBI Bank Ltd, Punjab and Sind Bank, Bank of Baroda, Allahabad Bank, Corporation Bank, and Edelweiss Asset Reconstruction Company.

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