In India’s biggest campaign to chase money defaulters of the country, NewsX stepped in day 41 of it’s 100-day investigation to trace Non-Performing Assets (NPA) files. On Tuesday, NewsX opened up case no. 26 of Chandigarh based firm Sainsons Pulp and Paper Private Limited. The firm allegedly owes 95 crore rupees to the State Bank of India. The bank has tagged the loan defaulter firm as NPA. As per the data with registrar of companies with Ministry of Corporate Affairs, Sainsons Pulp and Paper Ltd was incorporated in December 2005 with an authorized capital of 12 crore rupees.
As per the records Ramesh Kumar Saini, Randhir Singh Saini and Shashi Saini are the directors of the Sainsons Pulp and Paper Pvt Ltd. The company is registered at SH 1086, sector 7, Panchkula, Haryana. The company held its last AGM in September 2017 and filed its balance sheet in March 2017. All 3 directors are mentioned in our NPA list with the addition of Rabinder Kumar Gupta and Raj Rani Gupta. This was the first case where company directors accepted the fact of money default and told us that they are going under financial trouble.
Upon further investigation, we found 1 pending loan that worth Rs 100 crore from SBI in 2008. The media report from 2016 names 63 alleged willful defaulter companies and loans written off by the bank. The same media report mentioned Sainsons Pulp and Paper Pvt Ltd with a loan amount of 95 crore rupees.
Team NewsX also tried to reach the registered address of the company but found no office with name of Sainsons ever excited in that building. After digging further, we found another address but this was Director Ramesh Saini’s home we tried to contact him and unlikely other cases the director came forward and told us the whole story. He accepted that the company has defaulted the loan but he also claimed that he fell prey to red tapism. He also claimed that he offered 1-time settlement amount but State Bank of India refused to accept it. He further added that 1 of his plants was auctioned by the bank and could be managed to recover Rs 15 crore, even though they were trying to recover Rs 95 crore.
We have also written an E-mail to the State Bank of India but found no reply. The company owes rs 95 crores to the SBI according to RoC records and the company owes Rs 100 to the same bank. The RoC records show that the Directors of Sainsons Pulp and Paper Pvt Ltd have 7 other companies listed under them of which only Phoenix Transmission Product Pvt. Ltd has allegedly defaulted on a loan worth Rs 18 crore to State Bank of India, the director confirmed that the company is no longer operational. This director also admitted about the NPA but accused the bank of allegedly being involved in red-tapism.
This case proves that not all who have contributed to India’s mounting NPAs are scamsters.