Case number 39 in the NewsX NPA list pertains to RH Agro Overseas Pvt Ltd. On our NPA list, the company owes Central Bank of India Rs 11 crore which has now been classified as an NPA. The registered address of the company is A-7, 2nd floor, South Extension 2, New Delhi. According to ROC records with Ministry of Corporate Affairs, the company was incorporated in August 2005 with an authorised capital of Rs 20 crore. The company held it’s last AGM in September 2015 and filed its last balance sheet in March 2015.
Today through this case, we are telling you how a company run by 2 brothers has allegedly defaulted on loans after already defaulting on loans related to 2 other companies owned by them and all this, in just a time span of 1 year. ROC records have listed the company directors as Sukhchain Chawla and Dilbagh Rai Chawla, who also appear on our NPA list. According to ROC records, the company owes multiple banks a total of 16 loans, of which 14 loans are still pending. A loan worth Rs 62 crore, then another loan worth Rs 63 crore, another one of Rs 27 crore and another one worth with Rs 4 crore and so on and so forth. This takes the total to a little over Rs 400 crore.
When NewsX visited the registered address of the company, it turned out to be Sukhchain Chawla’s residential address. Even though the director was present at the spot, he refused to speak with us and sent his help instead to have a conversation with us over the phone. Upon further inspection of the ROC records, we found that both Sukhchain Chawla and Dilbagh Rai Chawla have 3 other companies listed under them of which Chelsea Apartments Pvt Ltd and Hansraj Merchants Pvt Ltd are common entities. When NewsX decided to look into ROC records of other companies, both these companies had allegedly defaulted on multiple loans.
Chelsea Apartments Pvt Ltd was a defaulter on a total of 10 loans worth Rs 400 crore whereas Hansraj Merchants Private Ltd had 4 pending loans from 3 other banks. The total being a little over Rs 300 crore. Going futher into the paper trail, we found a PNB notice from March 2016. It enlists RH Agro overseas Pvt Ltd as a wilful defaulter with an outstanding loan of Rs 11 crore same as that on our NPA list.
As we dug further, we found this report from October 2016. It reveals that Patanjali Ayurveda Ltd has acquired RH Agro overseas Pvt Ltd’s rice mill in Sonipat for Rs 70 crore. Then we came across a judgement copy from 2 years back in December 2014 pertaining to an anticipatory bail sought by directors Sukhchain and Dilbagh Rai Chawla.
The judgement copy revealed the allegations leveled in the FIR which said that the accused directors took supply of paddy in large quantity without making any payment and as on March 2014, a sum of Rs 9 crore was outstanding from the accused. Following this, it revealed that the anticipatory bail sought by the accused directors was dismissed. Then we came across this SBI e-auction notice from 2017.
This auction notice mentions RH Agro overseas Pvt Ltd as a borrower, while the recovery amount is Rs 100 crore, the reserve price of the listed property is Rs 40 crore, not even 50% of the outstanding amount. Post our paper investigation, we went back and hit the ground. The help we previously met told us that the brothers were under scanner and not involved in any kind of business anymore. Infact, the bank officials who used to visit quite frequently, have also stopped paying visits of late.
So this is what we know, RH Agro Overseas Pvt Ltd was started by Chawla Brothers in 2005 on the NewsX NPA list, the company owes Central Bank of India Rs 11 crore and on the ROC records, the company owes multiple banks a little over Rs 400 cr. One year prior to this, in 2004, the directors started 2 other companies namely Chelsea Apartments Pvt Ltd and Hansraj Merchants Pvt Ltd. According to the ROC records, Chelsea Apartments has allegedly defaulted on 10 loans worth Rs 400 crore and Hansraj merchant owes 3 different banks a total of Rs 300 crore.
In 2014, the directors of the company sought anticipatory bail which was dismissed. Then in 2016, Patanjali Ayurveda acquired company’s rice mill for Rs 70 crore and in 2017, SBI took out an auction notice in which it was aiming to recover Rs 100 crore whereas the base price of the property was only Rs 40 crore.