Number 18 in the NewsX NPA list is Shree Minal Oil & Agro Industries Pvt Ltd. According to our list, the company owes State Bank of India Rs 31 crore rupee which has now been classified as an NPA. The registered address of the company is at the 8th floor of popular house Ashram Road, Ahmedabad in Gujarat. According to the registrar of companies records with the ministry of corporate affairs, the company was incorporated in January 1999 with an authorized capital of Rs 15 crore rupee. However, there is no information available in ROC records regarding filing of the last balance sheet and date of last AGM.
Our NPA list shows Promod Bhai Patel and Harish Pandya listed as the directors of the company. The ROC records just show that Minal Agro Pvt limited is under liquidation. This is story of a how a decade old firm sank crores of rupees in a crucial space for the Indian economy, food products and fertilizers. We’ve already told you the story of the government-owned entity Nafed that ran up huge losses in the same space. It’s a story that goes to the core of what happens when those working with the agrarian economy fail.
According to a document of a case between Income Tax department vs Shree Minal Agro Pvt Ltd. In the case, the assistant commissioner of income tax, Ahmedabad wanted the court to direct the official liquidator of Shri Minal to pay the outstanding. When we dug deeper we found out that the company premises have been sealed for more than 8 years and no one has a clue that’s something we’ve seen in case after case we’ve investigated.
After the paper investigation was over, we hit the ground. When NewsX reached the registered address of the company this is what we found. The staff members from a neighbouring company told us that Minal Agro did exist but now it has been sealed for 10 years and none of them had any clue about the whereabouts of the directors. So this is what happened. Directors established the company in 1999, the company was dealing in farm products and fertilisers. to say serving India’s agrarian products. It then defaulted on a loan of Rs 31 crore to SBI. Despite being put under liquidation, it’s been 8 years since the red tape has kept the assets from being sold.