Yash Birla declared ‘willful defaulter’ by a bank that was founded by his great grand uncle
Yash Birlahas been named as a willful defaulterby UCO Bankfor non repayment of a loan of ₹676 million.
- Birla’s company Birla Surya Ltd is the one to have defaulted in the payment.
- UCO Bank, before it was nationalized, was founded by Birla’s great grand uncle GD Birla.
Birla was sent several notices regarding the repayment of the loan. His company was given a credit limit of ₹1 billion to manufacture multi-crystalline solar photovoltaic cells.
Interestingly, Birla has been issued a notice for being a willful defaulter by UCO Bank – the same bank that was founded by his great grand uncle Ghanshyam Das Birla in 1943. The bank was later nationalized by the Government of India in 1969.
“Due to non-repayment of dues to the bank, the account was declared NPA (non-performing asset) on 3 June, 2013. The borrower has not repaid the dues owed to the bank despite several notices. The borrower company and its directors, promoters, guarantors were declared as willful defaulters by the bank and their name reported to the credit information companies for public information," UCO Bank said in its notice.
Yash Birla, head of the
In January 2019, three of Yash Birla’s firms – Birla Cotsyn India Ltd, Birla Shloka Edutech Ltd and Zenith Birla (India) Ltd – were under investigation for fraud as directed by the Ministry of Corporate Affairs.
In 2017, the State Bank of India had sent a recovery notice to Birla’s firm for the repayment of ₹178 million in debt.
From today, black money cases can't be settled by paying up dues