Shirdi industries defaults 650 Crore loan.. Courtesy: Piyush goyal


swatkats

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Mumbai-based laminates maker Shirdi Industries. Its chairman until July 2010 – a period when loans were raised and delayed payments first red-flagged by Crisil – was Piyush Goyal, now railways minister and the Modi government’s chief troubleshooter.

Even as they defaulted on the money they owed government banks, Shirdi’s promoters also extended an unsecured loan via another entity to a company run by Goyal’s wife, Intercon Advisers Pvt Limited. This loan, they told The Wire, was granted “out of friendship.” The last statutory filing done by Intercon for FY 2016 shows an outstanding amount of Rs 1.59 crore to Asis Industries, a company owned by Shirdi promoters. Even as Asis extended its loan to Goyal’s wife’s firm, Shirdi also had a Rs 4 crore provident fund default.

Unsecured loan to Piyush Goyal’s wife

That’s not all. According to filings made with regulators, Intercon Advisors Private Limited – a company wholly owned by Piyush Goyal’s wife, Seema, and son, Dhruv Goyal – lists an outstanding unsecured short-term borrowing of Rs 1.59 crore from Asis Industries in FY 2016 – an “inter corporate deposit repayable on demand” at 12% interest.

Agarwal denied there was anything untoward in his company – whose subsidiary was defaulting on money owed to government banks – making an unsecured loan to a company owned by a minister’s wife and son.

“This amount (unsecured loan) was given a few years ago. At that time we had money and I was requested if I can spare money and given our friendship I did. But this loan was given from Asis Industries, which is the holding company of Shirdi. Asis, therefore, is not the defaulter company,” says Agarwal. He would not say when exactly this loan was first made.

Questions to Piyush Goyal remained unanswered till the time of publication, His answers will be added to this story when they are received.

Coincidentally, Piyush Goyal has been a government nominee on the board of two state owned banks – Bank of Baroda during the Vajpayee-run NDA government, and State Bank of India from 2004-2008 during the Manmohan Singh government’s tenure. It is only in 2008, after he exited the SBI board, that Goyal became chairman and a director of Shirdi Industries according to filings made by the company.

In 2010, Goyal was made the treasurer of the BJP and nominated to the Rajya Sabha. He was nominated to the parliamentary committee of finance the same year. This is the committee that oversees the performance of financial institutions, including banks.

Shirdi Industries has not only defaulted on loan repayments but was also referred to the National Company Law Tribunal where its creditor banks agreed to take a 60% haircut – banking parlance for a part write-off – on the debt owed by the company.... Read more : https://thewire.in/politics/promoter-of-company-in-default-of-rs-650-crore-has-ties-to-piyush-goyal-family

The idea was to not give the same promoters another chance as they had defaulted on loan repayments. But with Shirdi Industries, an exception was made and the same promoters were allowed to buy their insolvent company after a 65% loan write off by banks. The reason given was 99% of the banks had agreed on a revival package before the November 2017 amendment disallowing the original promoters to bid for their company under auction by NCLT.

https://thewire.in/political-economy/the-real-questions-surrounding-shirdi-industries-remain-unanswered
 

adaneam

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Fake news being peddled as usual and the gullible and "I Hate Modi" gang will lap it up just because it suits their POV.
There's also talk about Kejri ration scam, Kharge amassing assets worth 50k crores. But why talk about it when they don't belong to BJP?
 

adventureguy

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Fake news being peddled as usual and the gullible and "I Hate Modi" gang will lap it up just because it suits their POV.
Congress mouth piece article being discredited by BJP mouthpiece OPindia( which is run by swarajya magazine). What a time to be alive.

Only a matter of time before kejriwal and mamata banarjee come up with their own magazines and newspapers
 

adventureguy

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8K for a tattoo?
apparently it got infected and needed medical attention? I don't know exactly. he's not even a good friend. called almost after 1 year for this so I thought maybe emergency because you don't go ask for money for long lost friends unless its emergency.
 

Flash!

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apparently it got infected and needed medical attention? I don't know exactly. he's not even a good friend. called almost after 1 year for this so I thought maybe emergency because you don't go ask for money for long lost friends unless its emergency.
People like this, are not even eligible to be called as "Friends". If i were you, i would've promptly ignored him citing some other reason.
 

mav2000

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Congress mouth piece article being discredited by BJP mouthpiece OPindia( which is run by swarajya magazine). What a time to be alive.

Only a matter of time before kejriwal and mamata banarjee come up with their own magazines and newspapers
I agree...
 

pratikb

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I guess many guys on this forum are targeted by Cambridge analytics and are totally brainwashed by Facebook and Cambridge feeding.i pity them.