Surya Pharma owes Rs 3,200 cr to banks

SOLAN:With the officials of SBI, Chandigarh branch, having taken a plot owned by Surya Pharma at the HP State Industrial Development Corporation’s (HPSIDC) Baddi industrial area into possession last week for failing to repay its loan, the officials of the HPSIDC have written to the bank informing them about the encumbrances owned by the company.

Ambika Sharma

Tribune News Service

Solan, June 30

With the officials of SBI, Chandigarh branch, having taken a plot owned by Surya Pharma at the HP State Industrial Development Corporation’s (HPSIDC) Baddi industrial area into possession last week for failing to repay its loan, the officials of the HPSIDC have written to the bank informing them about the encumbrances owned by the company.

The company figures on the top 10 list of defaulters submitted by the RBI to the apex court in terms of non-performing assets (NPAs).

An official of the HPSIDC while confirming the development said the company was allotted plot number 85, measuring 7,749 sq mt, in the Baddi industrial area in 1997. Various encumbrances, including unearned increases to the tune of Rs 1.69 crore, maintenance charges amounting to Rs 1.65 lakh, etc., were pending from the company as no charges had been paid since May 26, 2014.

Though the company had been operating since 1980s, it had become defunct since the past few years and since then no charges were being paid to the HPSIDC. No resumption proceedings had as yet begun by the officials of the HPSIDC to resume the plot and it will be a Herculean task now to recover the pending arrears.

The company had also bought three plots in the Jharmajri-based industrial area in 2008-2009 and even these plots had been taken into possession by the bank officials.

The company manufactured both bulk and formulation drugs and it had not renewed its manufacturing licence for the past few years, confirmed officials in the Drug Control Administration. Officials from various departments had no knowledge as to when the company had discontinued its operations.

The said unit owned by Rajiv Goyal had availed loans worth Rs 857 crore from the SBI’s Chandigarh branch. The loan was not repaid and the unit was declared a non- performing asset. More loans worth Rs 1,800 crore were availed from nine banks, which were also not repaid and the outstanding dues of lenders comprising consortium of nine banks was to the tune of Rs 2,630 crore. Loans were also availed from private financial institutions and the total outstanding amount was a whopping Rs 3,200 crore.

SBI had initiated the task to take possession of the properties after following the due procedure and an NOC had also been procured from 60% of the consortium of nine banks as per the law, said Narayan Chauhan, Tehsildar, Baddi.