Case no. 13 in the NewsX NPA files is Interdril Asia and the Wahals. According to sources, NewsX’s list shows that Interdril owes State Bank of India more than Rs 61 crore rupees which has been classified as a Non-Performing Asset. The registered address is R-13 Ansal Chambers 2, Bhikaji Kama place in New Delhi. Details with the registrar of companies shows that the company was incorporated in 1993 with an authorised capital of Rs 8 crore rupees. The company was providing drilling technology to the petrochem and infrastructure sectors.
This is a story of a how a firm that went bust after having taken crores of loans had the directors simply set up new firms under similar names and allegedly took out and more and more loans. Today the directors are free and the hunt by banks to reclaim assets isn’t close to being complete. Taking a look at a further examination of the ROC records, there is another loan of Rs 4 crore, one of Rs 9 crores and another one of almost Rs 100 crores, then one of Rs 22 crore, one more of Rs 100 crore, and total comes to almost Rs 240 crore. The ROC records list Anil Wahal and Manish Wahal as the directors of the firm, these are the same names on in the NewsX NPA file.
On further investigating the matter, NewsX found that by 2011, it had all gone wrong for the company but it continued to operate. Interestingly, it is during the same time that at least 3 other companies with similar names are set up by the same directors that in turn take out further loans. The same companies outstanding loans figure on the default list of the Oriental Bank of Commerce as well. This is the amount due again just under Rs 62 crore. By the time the assets of the company go for auction, the money is gone. This is what the Oriental Bank of Commerce was hoping to get for it’s Mumbai office in Santacruz, just Rs 11.5 crores in 2017.
A blog by an anonymous man claiming to be a vice president of the company was a clear indication of the financial health of the company. We tracked down other employees who told us that the Wahal’s owed them lakhs and lakhs in dues but were not paying up. NewsX also reached company’s registered office in New Delhi. In a big breakthrough in Mumbai, we managed to track down the director Anil Wahal on the phone line. He refused to answer any questions, just kept saying ask Manish, ask Manish.
Anil Wahal set up Interdrill in 1993, meant to provide drilling services to the oil and gas sector. In 2010, Manish Wahal also became a director in the firm. By 2011, the firm is running multiple crores in loan defaults — Rs 62 crores in NewsX’s NPA list, al most Rs 240 crores on the ROC website to multiple banks. The same firm is banned in 2015 by ONGC for 2 years. In 2017, an auction notice hopes to get only Rs 11.5 crores from the sale of it’s Mumbai office.
This is a case where a company acting as sub-contractor for several huge firms ran up defaults, the directors are out free and the hope of recovery of loans from auctions is only a fraction of the loan amounts.