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PRESS TRUST OF INDIA
MUMBAI, Nov 8: State Bank of India (SBI) has the highest amount of Rs. 2,536.42 crore locked in litigation, according to the Reserve Bank of India's list of borrowal accounts of Rs 1 crore and above against which banks and financial institutions have filed suits for recovery as on March 31, 1998.
Altogether 445 accounts make up the sum SBI is seeking to recover through legal means, which includes Rs 812.08 crore from big bull Harshad Mehta, the central figure in the securities scam of early 1990s.
Bank of India follows SBI with Rs 1,112.75 crore stuck in litigation against 279 borrowers and the next is the troubled Indian Bank with 175 accounts having to pay up Rs 1,001.58 crore. Bank of Baroda is attempting to recover Rs 606.36 crore through access to legal course.
As per the list, C R Bhansali's CRB Capital Market Ltd owes Rs 58.09 crore to SBI, Rs 3.84 crore to State Bank of Travancore and Rs 2.61 crore to Bank of Rajasthan Ltd.
A sum of Rs 7.10 crore is due to Bank of Tokyo-Mitsubishi from CRBCapital Ltd, while CRB Corporation Ltd has to pay Bank of Rajasthan Rs 4.50 crore, Rs 8.50 crore to Vysya Bank, Rs 7.52 crore to UTI Bank and Rs 11.03 crore to Indusind Bank.Hyderabad-based Asia Pacific Investment Trust Ltd, which has field marshall S H F J Manekshaw as one of its directors, owes Rs 2.78 crore to State Bank of Hyderabad and Rs 1.05 crore to State Bank of Mysore.
Mumbai-based All Seasons Foods Ltd, a company under liquidation and having Mahesh Jethmalani as one of its directors, is supposed to pay Rs 2.79 crore to Mashreq Bank, Rs 2.41 crore to Industrial Finance Corporation of India and Rs 1.25 crore to Deutsche Bank AG.
Bifora Watch Co Ltd is required to pay SBI Rs 2.32 crore, Industrial Development Bank of India (IDBI) Rs 13.08 crore, IFCI Rs 4.66 crore and ICICI Rs 7.84 crore, while sister company Bifora Clock Industrie owes SBI Rs 1.39 crore.
East West Travel and Trade Links Ltd, which promoted the now defunct East West Airlines, owes Rs 9.74 crore to Dena Bank, Rs 18.39 crore toState Bank of Travancore, Rs 11.39 crore to SBI, Rs 16.87 crore to State Bank of Hyderabad, Rs 100.71 crore to Indian Bank, Rs 2.55 crore to Vijaya Bank and Rs 9.63 crore to United Western Bank Ltd.Bank of India has claimed Rs 2.48 crore from Lazard Credit Capital Finance Corporation and SBI Rs 7.67 crore from Tata Mills Limited and Rs 62.60 crore from J K Synthetics Ltd.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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