Yashovardhan Birla declared willful defaulter by UCO Bank

In a public notice which also carried a photo of Yashovardhan Birla, UCO Bank said the account was declared a non-performing asset (NPA) on June 3, 2019.

Mumbai:UCO Bank on Sunday declared Yashovardhan Birla, the Director of Birla Surya Ltd, as a willful defaulter after the company failed to repay loans of Rs 67.65 crore. Yashovardhan Birla is also the Chairman of the Yash Birla Group.

The loan was given by UCO Bank as part of a consortium including State Bank of India, Punjab National Bank and United Bank of India.

In a public notice which also carried a photo of Yashovardhan Birla, UCO Bank said the account was declared a non-performing asset (NPA) on June 3, 2019.

"The Birla Surya Limited was sanctioned with the credit limit of Rs 100 crore only with fund-based facilities for the purpose of manufacturing multi-crystalline solar photovoltaic cells from our flagship corporate branch, Mafatlal Centre, Nariman Point, Mumbai. The present balance outstanding is Rs 67.65 crore plus unapplied interest from the date on NPA," the notice said.

The bank further said that the borrower didn't repay the dues despite several notices served by the Kolkata-based lender.

Interestingly, UCO Bank was founded in 1943 under the aegis of industrialist G.D. Birla, the brother of Yashovardhan Birla's great grandfather Rameshwar Das Birla.

Other prominent wilful defaulters released by the bank include Zoom Developers with an outstanding loan amount of Rs 309.50 crore, First Leasing Company of India with Rs 142.94 crore, Moser Baer India with Rs 122.15 crore and Surya Vinayak Industries with NPA of Rs 107.81 crore.