Bhatia Group’s 70 properties to be seized for Rs 1800 cr loan default

Nagpur/Bhopal: Indore-based Bhatia Coal Group, having its regional offices in Nagpur, Chandrapur, Mumbai, Hyderabad and few cities of Gujarat, is once again in the news for the loan default on Rs 1800 crores. The lending bank State Bank of India has initiated seizure of the company’s 70 properties, of which notices have been pasted on 29 properties located in Indore. The group shot to limelight when Coal Scam was exposed. It was then alleged that the group had offered gold bricks to CMD of National Aluminium Company (NALCO). The company’s headquarter is located in Manorama Ganj in Indore where the SBI team led the action on Monday.

US Pande, SGM of SBI’s stressed Asset Management Branch has initiated seizure of properties under Security Interest Act 2002, against failure to repay the loans of Rs 1800 crores on the part of the company. Bhatia group has its business interests spread beyond national boundaries in Singapore, Indonesia and South Africa. The properties worth crores belonging to promoters – Gurvind Singh Bhatia, Surinder Singh Bhatia, Kulwant Singh Bhatia, Indrajeet Kaur Bhatia, Amandeep Singh Bhatia have been attached, informed sources. The said properties are located in various posh localities of Indore including Navratan Bagh, Piplyarao, Siddharth Nagar and Mangal Nagar.

Notices went unresponded
The SBI had on June 12, 2018 shared demand of about Rs 21.30 crores with Bhatia Coke and Energy Limited and its Guarantor. Similarly on April 30, 2018 the bank again sent another demand of around Rs 100 crores in order to repay its piling loans. On August 7 2018, Bhatia Coal Washeries Limited and its Guarantor was served with the demand of around Rs 21.82 crores while on January 11, 2019 Bhatia Global Trading and its Guarantor was sent demand of Rs 1120.64 crores to repay the loans. On January 31, 2019 the Asian Natural Resources Limited was sent demand of Rs 534.67 crore against defaulted loan. None of the notices was adequately responded, informed the source.

Rs 70 cr tax evasion was unearthed
In 2014, the CBI had raided the group’s premises in connection with substandard quality of coal supply from company’s end. At that time, the income tax sleuths had unearthed the tax evasion to the tune of Rs 70 crores. The company also allegedly hatched criminal conspiracy in connivance with the officials of NTPC and NSPCL. A non-cooking coal of poor quality was allegedly purchased for both the companies.This reportedly caused a loss of Rs 116 crore revenue to the central government. Bhatia group’s Singapore based arm had allegedly supplied the consignment.