Apple Finance Tops List Of Fresh Npas

Apple Finance tops the list of defaulters of Allahabad Bank on the basis of new non-performing assets (NPAs) at 14.75 crore. It is followed by Standard Medical Pharmaceuticals at Rs 12.3 crore.

As many as 19 firms figure in the list of Allahabad Bank's fresh NPAs above Rs 1 crore till March 2001. The total amount of fresh NPAs above Rs 1 crore at the bank last fiscal stands at Rs 114.62 crore, according to the Reserve Bank of India.

Allahabad Bank officials said they have filed cases against all the 19 parties. However, repeated attempts to contact officials from Apple Finance and Standard Medical Pharmaceutical proved futile. Phone calls were answered with a taped message that the lines have been disconnected.

 

There are also a few cases where the amounts were not carried over in the balance-sheet of the bank. For example, loans amounting to Rs 4.6 crore from Amitabh Bacchan Co do not figure in the list of NPAs for 2000-01. This amount was being carried on in the balance sheet till 1999-2000.

Two new companies that figure in the new NPA list and deserve mention are IFB Finance Ltd and IFB Industries Ltd. These entities availed loans of Rs 3.39 crore and Rs 6.34 crore, respectively, all of which has turned bad in the current year. The companies did not find any mention in the list of NPAs in Allahabad Bank in 1999-2000.

Other companies that have made their places in the list of new NPAs are Modern Malleable at Rs 9.69 crore, Indo Maxwell Ltd at Rs 9.43 crore, Vitara Chemicals Ltd at Rs 9.21 crore, Asia Polytex Ltd at Rs 7.77 crore, and Punjab Wireless Systems at Rs 7.06 crore.

As many as four firms each from Koltata and Mumbai defaulted on their payments to Allahabad Bank. Around three defaulted from New Delhi.

There are a total of 130 firms -- including old as well as new defaulters -- that availed loans above Rs one crore from the bank. The largest defaulter till date is the UP State Cement Corporation, a Government of India undertaking that failed to return a chunk of Rs 87.16 crore, followed by Rajinder Pipes at Rs 39.93 crore and Orissa Spinning Mills at Rs 38.12 crore. Other companies that loaned large amounts from Allahabad Bank are Sri Project Management & Control at Rs 27.48 crore, Gouripore Co Ltd at Rs 26.2 crore, Chase Bright Steels Ltd at Rs 20.71 crore.