CRB liquidator names 133 beneficiaries of loans

Out of the 133 entities, 15 companies have received upwards of Rs 10 crore. These are — Ravitej Granilos (Rs 72.16 crore), Sangeeta Investments (Rs 18.78 crore), Red Stone Properties Pvt Ltd (Rs 20.12 crore), Sidh Industries Ltd (Rs 10.68 crore), Anandmayee India Ltd (Rs 10.61 crore), Arham Investments Ltd (Rs 137.56 crore), B K Resources Ltd (Rs 17.08 crore), Chamatkar Investments Pvt Ltd (Rs 22.88 crore), Exxon Financial Services Ltd (Rs 12.82 crore), Indramani India Ltd (Rs 11.46 crore), Policon Fabrics Ltd (Rs 20.6 crore), R K Credit Co Pvt Ltd (Rs 28.96 crore), Shyamkunj Granite Ltd (Rs 11.63 crore), Shrenik Investment (Rs 22.66 crore) and Sugriv Investments & Finance Ltd (Rs 16.29 crore).

The CRB Caps case came to public knowledge in March this year when the State Bank of India complained to the Reserve Bank of India that the company’s account did not have enough funds to honour the at-par facility for encashing dividend warrants. Investigation into the company for liquidation of assets for recovery of dues led to other information such as alleged siphoning out of funds to group companies.

The list also contains a detailed break-up of the amounts due from each of the companies. The list has been prepared on the basis of data stored in the computer system of CRB Caps. An order will soon be passed for seizure of the assets of these companies. The intention is to secure the dues of CRB Caps for their recovery. The official liquidator wants fast action to be taken as it is apprehended that money actually belonging to CRB Caps could be frittered away, thus pre-empting any move to liquidate the assets of the company for recovery purposes.

The companies are also restrained from disposing off their properties. All banks, including foreign and private sector ones, will be told to freeze the accounts, if any, of the 133 companies with them to the extent of their liability to CRB Caps. Notices for compliance on the companies and banks will be served by publication in newspapers. The next hearing on this case is scheduled for November 17, when the list will be presented before the Mumbai high court. Subsequently, appropriate orders as detailed above will be passed. The companies will also be given sufficient time to file their objections and represent their defense in the matter.