Biggest loan defaulters in India
Biggest loan defaulters in India
1. A large number of us believe that privatization is the solution of
all our economic ills. As Gurcharan Das would make us believe.
2. As if there is no corruption in private sector. For example look
at Mining sector. The land and whatever is below belong to the
country. People like Salgaonkar, Sesa and now Vedanta Aggarwals
very easily sending these ores to China and other countries by ships
and making a killing. Jindals have no scruples in paying Naxalites
as the Tatas paid to Assamese insurgents.The reputation of
supposed to be clean Tatas got a beating in Radia tape case.
3. Remember in 80s the CMDs of Punjab and Sind Bank went
abroad after retirement without forgetting to write off huge
Non Performing Assets they had given earlier to NRI Industries.
Why can't we get hold of these people who are responsible
for giving loans to these defaulters.
4. Somehow I feel there is not so much clamour to get hold
of these loan defaulters. Here is a list of top loan defaulters.
This gentleman at the top has no shame in producing yet
another Kingfisher Calender. His son is nursing ambition
to be a Hollywood star!
Biggest loan defaulters in India
All India Bank Employees' Association (AIBEA) has announced a list
of top 50 loan defaulters, mainly the corporate firms, whose total
default amount to the banks is allegedly to be around Rs 40,528
crore (Rs 4056.28 billion).
The association demanded a remedy for the bad loans at the earliest
to safeguard the public money in the banks.
The list, released by the association, is on the data on loan not paid
from Public Sector Banks except State Bank of India, IDBI and
foreign banks. The association also plans to come out with top
30 defaulters in each Bank.
The biggest defaulter according to the list is Kingfisher Airlines.
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Biggest loan defaulters in India
Moser Baer India Ltd. & Group Companies
Rank: 25
Loan not repaid: Rs 581 crore
Moser Baer India Limited is a leading global tech-manufacturing
company. Established in 1983, the company is one of the world's
largest manufacturers of Optical Storage media like CDs and DVDs.
Every fifth disc manufactured globally belongs to Moser Baer and
it is the lowest cost optical media manufacturer in the world.
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Biggest loan defaulters in India
Century Communication Limited
Rank: 24
Loan not repaid: Rs 624 crore
Century Communication has one of the largest post-production
facilities in India under Pixion. The studio has worked on scores
of Indian films (Jail and London Dreams among recent ones),
Hollywood films and ad films.
The company also owns TV channels under the brand name
Mahuaa. According to Business Standard, it’s the Mahuaa
bouquet of channels that have caused problems to the company.
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Biggest loan defaulters in India
Indian Technomac
Rank: 23
Loan not repaid: Rs 629 crore
Indian Technomac is a mining company that also manufactures
silicon, chrome alloys, Manganese alloys , titanium alloys and nickel.
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Biggest loan defaulters in India
ICSA (India)
Rank: 22
Loan not repaid: Rs 646 crore
Hyderabad-based ICSA (India) Limited provides solutions and
software for the Energy Sector, which includes power, oil,
natural gas and water.
The Company is also engaged in the business of providing energy
Audit solutions.
The focus area for ICSA has been the technology solutions to
Power Sector to identify Transmission and Distribution (T&D)
losses and monitor power consumption.
K.S. Oil Resources
Rank: 21
Loan not repaid: Rs 678 crore
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Biggest loan defaulters in India
Deccan Chronicle Holdings Limited
Rank: 20
Loan not repaid: Rs 700 crore
Deccan Chronicle Holdings Limited or DCHL publishes the
English-language dailies Deccan Chronicle, Financial Chronicle
and Asian Age and the Telugu daily Andhra Bhoomi.
Banks have been taking possession of the DCHL’s property and
assets and disposing them off to recover loans.
Enforcement Directorate is also probing the company over money
laundering allegations.
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Biggest loan defaulters in India
Pixion Media Pvt. Limited
Rank: 19
Loan not repaid: Rs 712 crore
As per the Ministry of Corporate Affairs record, Prabodh
Kumar Tewari and Anand Kumar Tiwari are directors of the company.
The company is related to the Century Communication mentioned
earlier.
Zylog Systems (India) Limited
Rank: 18
Loan not repaid: Rs 715 crore
Zylog Systems (India) Limited is an Information Technology
company registered in Chennai.
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Biggest loan defaulters in India
Surya Pharma
Rank: 17
Loan not repaid: Rs 726 crore
Surya Phamaceutical started in 1992 and it is an integrated
pharmaceuticals company. It focuses on contract research and
manufacturing.
STCL Limited
Rank: 16
Loan not repaid: Rs 860 crore
STCL (formerly called as Spices Trading Corporation Limited)
is a subsidiary of State Trading Corporation of India based in Bangalore.
The government has recommended winding up of this loss making
public sector company, as it cannot be revived.
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Biggest loan defaulters in India
National Agricultural Co-Operative
Rank: 15
Loan not repaid: Rs 862 crore
Nafed is the government’s procurement agency for non-cereal
crops such as cotton, oilseeds and pulses.
According to a report in Business Standard, loans to National
Agricultural Cooperative Marketing Federation of India (Nafed) by
several state-run banks have turned bad, and banks have classified
these as non-performing assets (NPAs). The overall exposure of
these banks to Nafed stands at about Rs 2,000 crore (Rs 20 billion).
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Biggest loan defaulters in India
Murli Industries & Exports Limited
Rank: 14
Loan not repaid: Rs 884 crore
Nagpur-based Murli industries is leading manufactures of all types
of paper & paper boards, cement, edible oil, pulps, solvent
and power.
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Biggest loan defaulters in India
Kemrock Industries & Exports
Rank: 13
Loan not repaid: Rs 929 crore
Gujarat-based Kemrock Industries & Exports manufactures and
exports composite for major industrial sectors such as aerospace,
defense, renewable energy, wind energy, and railways.
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Biggest loan defaulters in India
Orchid Chemicals & Pharmaceutical
Rank: 12
Loan not repaid: Rs 938 crore
Established in 1992 as an export-oriented unit (EOU), Orchid
Chemicals & Pharmaceuticals is a vertically integrated company
spanning the entire pharmaceutical value chain from discovery
to delivery.
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Biggest loan defaulters in India
Varun Industries Limited
Rank: 11
Loan not repaid: Rs 1,129 crore
Varun Industries is a global conglomerate of businesses which
includes stainless steel raw materials, steel ware, energy,
commodity trading and agricultural products.
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Biggest loan defaulters in India
Sterling Oil Resources
Rank: 10
Loan not repaid: Rs 1,197 crore
Based in Mumbai, Sterling Oil Resources Limited is a venture from
the Sandesara Group, which is a $ 6.9 billion group.
The Sandesara group has many successful and diversified ventures.
The Sterling Biotech, the flag-ship company, is listed on NSE and
BSE in India, Luxembourg in Europe and Singapore in Asia.
Other leading ventures of Sandesara Group are PMT Machine Tools
Limited , Sterling SEZ Limited, Sterling Ports Limited, Sterling
International Enterprises Limited.
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Biggest loan defaulters in India
Forever Precious Jewellery & Diamonds
Rank: 9
Loan not repaid: Rs 1,254 crore
Forever Precious Jewellery & Diamond, a part of Su-Raj
Diamonds & Jewellery, supplies an extensive range of fine
jewellery and accessories to jewelers and jewelry manufacturers.
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Biggest loan defaulters in India
Corporate Ispat Alloys
Rank: 8
Loan not repaid: Rs 1,360 crore
Corporate Ispat Alloys Ltd (CIAL) is a unit of Abhijeet group.
According to the company’s website, Under CIAL the Group
has obtained environment clearance for an integrated steel
plant along with 280 MW power plant in Jharkhand.
Abhijeet group has interest in power, mining, steel, roads,
and cements.
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Biggest loan defaulters in India
Surya Vinayak Industries
Rank: 7
Loan not repaid: Rs 1,446 crore
Surya Vinayak Industries is part of Floriana Group based out of
New Delhi. According to the company’s website, Surya Vinayak
Industries imports, exports and trade in agri products. It is also
a leading manufacturer of essential oils and other speciality
perfumery compounds.
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Biggest loan defaulters in India
S. Kumars Nationwide Limited
Rank: 6
Loan not repaid: Rs 1,692 crore
SKNL is one of India’s leading textile and apparel company
with expertise in multi-fibre manufacturing. The company has
extended its presence in multiple product categories from
Fabrics to Apparels and Home Textiles.
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Biggest loan defaulters in India
Sterling Biotech Limited
Rank: 5
Loan not repaid: Rs 1,732 crore
Sterling Biotech is a pharmaceutical firm with focus on
contract research and manufacturing. It is flag ship company
of Sandesara Group, which also owns Sterling Oil Resources.
Zoom Developers Private Limited
Rank: 4
Loan not repaid: Rs 1,810 crore
Vijay Choudhary and B L Kejriwal are the brains behind Zoom
Developers who charted exponentially growth for the company.
But the global financial crisis of 2008 shattered all their dreams.
The group tried to grow faster than they could handle.
Nearly 27 Indian banks, with a majority of public sector banks
have lent close to Rs 2,700 crore to this company. This debt has
been admitted in the corporate debt restructuring cell.
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Biggest loan defaulters in India
Last updated on: December 10, 2013 16:44 IST
Electrotherm India Limited
Rank: 3
Loan not repaid: Rs 2,211 crore
Electrotherm (India) has been engineering metal melting industry
since 1983 and holds a 2,500,000 kW market share in the metal
melting industry globally.
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Biggest loan defaulters in India
Winsome Diamond & Jewellery
Rank: 2
Loan not repaid: Rs 2660 crore
The company manufactures and exports gold, silver and platinum
jewellery studded with diamonds, colour stones and semi precious
stones as well as plain jewellery.
This company is part of Su-Raj Diamonds & Jewellery and holds
49 per cent stake in Forever Precious Jewellery.
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Biggest loan defaulters in India
Kingfisher Airlines
Rank: 1
Loan not repaid: Rs 2,673 crore
Until December 2011, Kingfisher Airlines had the second largest
share in India's domestic air travel market. The airline faced severe
financial crisis at the beginning of 2012 and is dysfunctional as
of now.
The 14 banks, led by State Bank of India, which lent Rs 6,500
crore (Rs 65 billion) to the airline, are now involved in litigation
over the money, as Mallya has sued them in multiple courts.
Today, Mallya owes money to banks, employees, tax officials,
caterers, aircraft leasing companies, fuel supplier Hindustan
Petroleum Corporation and to taxi operators, too.
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Biggest loan defaulters in India
Other famous companies that defaulted
PSL Limited
Rank: 26
Loan not repaid: Rs 577 crore
With a production capacity in excess of the 1 million ton, PSL
is India’s largest manufacturer of HSAW pipes.
Housing Development & Infra Ltd
Rank: 29
Loan not repaid: Rs 526 crore
HDIL is a real estate developer based in Mumbai. It specializes in
Slum Rehabilitation projects.
Educomp Infrastructure & School Management
Rank: 34
Loan not repaid: Rs 477 crore
Educomp Infrastructure & School Management is a subsidiary
of a subsidiary of Educomp Solutions. The latter is the largest
education company in India.
EISML provides infrastructure services, on long term lease basis,
and management solutions to various K-12 (Kindergarten -
12th Grade) schools run by the various independent trusts and
/or societies.
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