Case number 46 in the NewsX NPA list is Adrenalina Automobiles Private Limited. According to our list, the company owes State Bank of India Rs 6 crore, which has now been classified as an NPA. The registered address of the company is 77 B, Karaya Road, Kolkata. The company was incorporated in July 2011 but when we further checked ROC records, we found that the company had failed to update the data for when it held it’s the last AGM and filed its last balance sheet. The directors of the company, as mentioned in ROC records, are Tejpal Singh and Mallika Mukherjee. The same names appear on the NewsX NPA list as well.
This is a story of a how a 7-year-old company has now ended up on the NPA list. Between the time it was incorporated and now, the company has allegedly taken loans from multiple banks, failed to pay them back and now the directors’ whereabouts are not known either. As we dug further into the ROC records, we found out there are two pending loans as well for Adrenalina Automobiles. There is a loan worth Rs 80 lakh and another massive loan worth Rs 6 crore. ROC records show that the company owes a total of Rs 6 crore 80 lakh to Andhra Bank. We then decided to look into the directors of the company and have a look at this extensive list of companies under Adrenalina Automobile’s director Mallika Mukherjee. She has five other companies listed under her name and she took charge of the companies between 2010 and 2011.
The second director, Tejpal Singh, has the same companies listed under his name as well, with the exception of Retreat Farms Limited. When we looked into the ROC records for these companies, we found a trail of allegedly pending loans. First, Impressia Healthcare Pvt Ltd.
The company has a pending loan worth Rs 3 crore to Punjab and Sindh Bank.Then, Impressia Imaging Pvt Ltd, the company has 3 loans over Rs 11 crore pending on a date and all with Andhra Bank. and a third company called Quadteck Grafiks owes Punjab and Sindh Bank a total of Rs 8 crore. Coincidentally, all these loans go back to when the two directors took charge of the companies. But what isn’t a coincidence is the fact that all the companies are registered at the same address – 77/B, Karaya Road, Kolkata. When we visited the company’s registered address, we found that another company has bought the office space from the directors of Adrenalina Automobiles about 3-4 years back, now the whereabouts of the directors are under question.
As we dug further, we found this Andhra Bank e-auction notice from 2015. The notice mentions Impressia Imaging Pvt Ltd as the borrower and Tejpal Singh has been named the guarantor. Have a look at the reserve price mentioned on this auction notice..it’s Rs 6 crore 75 lakh. But on the ROC records, the company owes Andhra Bank at least Rs 11 crore, either this is another case where the reserve price doesn’t nearly come close to what the bank is trying to recover or perhaps the data hasn’t been updated. Take a look at the debts and recovery tribunal transfer notice from 2015, it is a 141-page long notice with thousands of names. (https://www.drt.gov.in/vacancycircular/drtkolkata316%2002%202016%2017%2026%2032ta%20&%20tsa%202014%20and%202015.pdf)
One of the names is Adrenalina Automobiles Pvt Ltd in a case against Andhra Bank for a suit amount of a little over Rs 6 crore. We’ve e-mailed the company, but haven’t heard from them. We’ve also written to the bank, but haven’t received a response. This is what we know, Mallika Mukherjee and Tejpal Singh started Adrenalina Automobiles Pvt Ltd in 2011. On the NewsX NPA list, the company owes State Bank of India Rs 6 crore while on the ROC records, it owes Andhra Bank Rs 6 crore 80 lakh, none of which has been satisfied by the directors. The same directors have a number of other companies listed under them, most of which owe the same banks. Coincidentally, 4 of the companies have the same registered address on the ROC records but when we visited this address, we found that the place had been vacated by the previous owners about 3-4 years back.
Why is it that same banks end up giving loans to the same set of defaulters? Is it because perhaps they don’t have all the information? Is it a plausible argument in today’s digital age? The bottom line is when the same set of people can get loans just by changing the name of the company, we need to take a step back and really look the minute details that are missing from the recovery process.
Be it the difference between the loan amounts mentioned on the ROC and the DRT notice, or the alleged reality that the company no longer exists on the ground but still enjoys an ‘active’ status on record, our inability to maintain and update data is one of the biggest loopholes when it comes to India’s mounting NPA problem. Another day, another eye-opening investigation, stay tuned for more.