PNB seeks action against Manipur Cong nominee for loan default
Naresh Mitra | TNN | Apr 2, 2019, 05:35 ISTGuwahati: The Punjab National Bank’s northeast circle has charged Congress candidate for the Outer Manipur LS seat, Keishing James Lalrongbawl, with defaulting on a loan amount of Rs 116.31 crore.
The PNB, in a letter to the Election Commission (EC) on March 28, stated that it had sanctioned a cash credit loan of Rs 100 crore and a term loan of Rs 17 lakh in favour of North East Region Financial Services Limited in which Lalrongbawl was a director and personal guarantor. It added that the account turned a Non-Performing Asset (NPA) due to non-payment on September 30, 2016. The bank has requested the EC to prevent Lalrongbawl from contesting the polls.
The bank said despite a lapse of almost three years since the date of NPA, the company and its directors have failed to repay the money. “As such, we are now in the process of declaring them as wilful defaulters as per guidelines of the RBI. As on date, the total recoverable dues from the defaulters is Rs 116.31 crore and interest thereof since 30-09-2016,” the bank stated in the letter. It said it has also filed a recovery suit (OA-582/17) at the Debt Recovery Tribunal, Guwahati, on December 30, 2017.
“We have also deciphered that Shri Lalrongbawl has resigned from the directorship of M/S North East Region Fin Services Limited on 02.03.2019 without informing the bank which is against the terms of sanction if the said loan is availed by M/S North East Region Fin Services Limited,” the bank’s letter said.
Taking note of the bank’s letter, the chief electoral officer (CEO) of Manipur had asked the returning officer of Thoubal district to take necessary action on March 29. The CEO has also sought an action-taken report.
Manipur Congress president and former deputy CM Gaikhangam said the issue came up after the scrutiny was over. “The candidate might have already clarified his stand on the issue. The issue is not going to be a problem,” added Gaikhangam.
The last date for filing nomination for the Outer Manipur seat was on March 25 and scrutiny of papers was done the next day. The last date for withdrawal of candidature was on March 28. Outer Manipur will go to the polls on April 11.
Despite repeated attempts, James could not be contacted on the number he had provided in his poll affidavit.
The PNB, in a letter to the Election Commission (EC) on March 28, stated that it had sanctioned a cash credit loan of Rs 100 crore and a term loan of Rs 17 lakh in favour of North East Region Financial Services Limited in which Lalrongbawl was a director and personal guarantor. It added that the account turned a Non-Performing Asset (NPA) due to non-payment on September 30, 2016. The bank has requested the EC to prevent Lalrongbawl from contesting the polls.
The bank said despite a lapse of almost three years since the date of NPA, the company and its directors have failed to repay the money. “As such, we are now in the process of declaring them as wilful defaulters as per guidelines of the RBI. As on date, the total recoverable dues from the defaulters is Rs 116.31 crore and interest thereof since 30-09-2016,” the bank stated in the letter. It said it has also filed a recovery suit (OA-582/17) at the Debt Recovery Tribunal, Guwahati, on December 30, 2017.
“We have also deciphered that Shri Lalrongbawl has resigned from the directorship of M/S North East Region Fin Services Limited on 02.03.2019 without informing the bank which is against the terms of sanction if the said loan is availed by M/S North East Region Fin Services Limited,” the bank’s letter said.
Taking note of the bank’s letter, the chief electoral officer (CEO) of Manipur had asked the returning officer of Thoubal district to take necessary action on March 29. The CEO has also sought an action-taken report.
Manipur Congress president and former deputy CM Gaikhangam said the issue came up after the scrutiny was over. “The candidate might have already clarified his stand on the issue. The issue is not going to be a problem,” added Gaikhangam.
The last date for filing nomination for the Outer Manipur seat was on March 25 and scrutiny of papers was done the next day. The last date for withdrawal of candidature was on March 28. Outer Manipur will go to the polls on April 11.
Despite repeated attempts, James could not be contacted on the number he had provided in his poll affidavit.
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