Case number 40 in the NewsX NPA list is Noesis Industries Ltd. According to our list, the company owes State Bank of Mysore Rs 9 crore. This amount has now been classified as an NPA. The registered address of the company is 1201 b, Hemkunt Chambers, 89 Nehru Place, New Delhi. According to ROC records, this company was incorporated in 1986 with an authorized capital of Rs 3 crore. The company held it’s last AGM in September 2017 and filed it’s last balance sheet in March 2017.
When NewsX checked ROC records, what we found has left us perplexed. 5 pages, 54 entries, 27 have been satisfied but pending loans are a total of Rs 883 crore. The first loan on the ROC records goes back to 1987, a year after the company was established but look at the date of satisfaction. It’s September 2011 that’s a gap of almost 24 years. When we hit the ground, we spoke a local resident outside the registered address who told us that the company is now closed and nobody visits the site. Let’s have a look at the directors of the company. ROC records show prem Adip Rishi, Rajesh Galhotra, Kamal Kumar Jain, Vinay Kumar Sood, Kalpana Gupta and Mandeep Kaur as the directors. When we checked ROC records for the first director of the company- Prem Adip Rishi we found a massive list of companies held by the same man. Prem Adip Rishi has 22 other companies listed under his name besides Noesis Industries Ltd. Noesis Industries on the NewsX NPA list, however, figures by the name of MVL industries Ltd as well.
When we looked this up, we found this February 2014 article alleging that MVL industries Ltd had officially changed it’s name to Noesis Industries limited after almost 28 years of existence. We also found that another company under the banner of the MVL group exists in the NewsX NPA files as well. MVL Telecom Ltd. This company, which has the same directors, owes Punjab National Bank Rs 68 crore When we checked the ROC records for MVL Telecom Ltd, we couldn’t find this particular company. But we did find MVL limited on the ROC records and this is where it get’s even more interesting. MVL limited was incorporated in 2006, the latest of Prem Adip Rishi’s commercial adventures and has an authorised capital of Rs 73 crore.
This company too has an extensive list of loans on the ROC records. It has 17 loans mentioned, of which only 5 have been satisfied the rest of the 12 loans are a total of Rs 339 crore. According to the official website, MVL limited is a major real estate company listed on both the National Stock Exchange and Bombay Stock Exchange of India. Even the Board of directors are the same as the NewsX NPA list. When we checked MVL limited on the National Stock Exchange, we found the stocks of the company to be defunct. A media report from December 2014 explains it all. It alleges that SEBI had asked MVL limited to refund it’s investors within 3 months. The report further alleges that Sebi was clamping down on an unauthorized real estate investment scheme. The report further alleges that MVL Ltd had been barred from accessing capital markets for a period of 4 years. The same report has alleged that MVL was barred from collecting funds from investors as well as from selling the assets except for collecting cash for refunds.
So a multi-million dollar real estate company, with the same Hemkunt Chamber address across ROC records, no longer exists on the ground. When we went back to the ground, we spoke to the owner of the building who told us that the directors of the company pay him the rent in time and cause no trouble. We’ve written an email to the company, but haven’t heard back. We’ve also written to the bank but are yet to hear from them. So this is what we know, Prem Adip Rishi started MVL Industries Ltd in 1986. Between 1995 and 2016, the company got 6 other directors. According to the NewsX NPA list. MVL industries owes Rs 9 crore to State Bank of Mysore while on the ROC records, the company owes multiple banks Rs 883 crore in 2014, the name of the company was changed to Noesis Industries Ltd. The registered address of the company is no longer active.
In 2006, Prem Adip Rishi started MVL Limited. Another company of the same banner MVL Telecom Ltd exists on the NewsX NPA list. It owes Punjab National Bank 68 crore. MVL industries, according to its website, it a major real state company on the roc records, this company owes several banks a total of 339 crore rupees..in 2014, it has been alleged that MVL limited was ordered to refund its investors for pulling off an unauthorized real estate investment scheme.
They say old habits die hard. This is true when it comes to both businessmen and bankers in india. This is a story of how a director allegedly began defaulting on loans back in 1987. It’s 32 years later, he has 22 other companies listed under him, but even the most recent company formed in 2006 is allegedly a defaulter. Tthe banks ought to have these records, but they continue to grant loans. Our ground report revealed that the directors of the company have been paying their rent and don’t come across as trouble-makers. So then is it a good reputation that allows them to get the loans, even though their companies have a history of not paying the banks back, at least not in time?